Supreme Court Rebukes RBI for Remaining a Bystander as YES Bank Operated Clandestinely  ||  Supreme Court: Lower Fresh Bids Alone Cannot Justify Cancellation of an Auction  ||  Supreme Court Directs Delhi Police to Produce Section 163 BNSS Orders and Preserve CCTV Footage  ||  Supreme Court Affirms Menstrual Hygiene as a Fundamental Right, Warns States of Contempt  ||  Supreme Court Flags AI-Generated Fake Judgments Submitted in a Party’s Case Compilation  ||  Karnataka High Court: Vijay Mallya’s Flamboyant Lifestyle Hinders Settlement of Bank Claims  ||  Delhi High Court: Women can be Booked for Gang Rape without Physically Committing it  ||  Delhi High Court: Litigants Must Track Their Cases and Cannot Blame Lawyers for Their Own Inaction  ||  Allahabad High Court: Contract Workers Must Prove Work Parity With Regular Staff for Equal Pay  ||  Allahabad High Court Directs UP Trial Courts to Decide Maintenance Execution Cases Within Six Months    

Declaration of Black Money by Tax Payers- (Press Information Bureau) (07 Feb 2017)

MANU/PIBU/0125/2017

Banking

There is no official estimation of percentage of black money held in India in cash. In the last financial year (2015-16) 648 disclosures involving undisclosed foreign assets worth Rs. 4164 crore were made in the one-time three months' compliance window ending 30th September 2015, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The amount collected by way of tax and penalty in such cases was about Rs. 2476 crore.

The Government has taken several measures to effectively tackle the issue of black money, particularly black money stashed away abroad. Such measures include policy-level initiatives, effective enforcement actions on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology. Recent major initiatives in this regard include:

(i) Constitution of the Special Investigation Team (SIT) on Black Money under Chairmanship and Vice-Chairmanship of two former Judges of Hon'ble Supreme Court,

(ii) Constitution of Multi-Agency Group (MAG) consisting of officers of Central Board of Direct Taxes (CBDT), Reserve Bank of India (RBI), Enforcement Directorate (ED) and Financial Intelligence Unit (FIU) for investigation of recent revelations in Panama paper leaks,

(iii) Proactive engagement with foreign governments to facilitate and enhance the exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Conventions and furthering global efforts to combat tax evasion/black money, inter alia, by joining the Multilateral Competent Authority Agreement in respect of Automatic Exchange of Information (AEOI) and having information sharing arrangement with USA under its Foreign Account Tax Compliance Act (FATCA),

(iv) Enactment of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' to specifically and more effectively deal with the issue of black money stashed away abroad,

(v) Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015,

(vi) According high priority to the cases involving black money stashed away abroad for investigation and other follow-up actions including prosecutions in appropriate cases.

Tags : BLACK MONEY   DECLARATION   TAX PAYERS  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved