Measures for Checking Out-Flow of Black Money

Press Information Bureau

Government of India

Ministry of Finance

27-March-2012 18:21 IST

The Income Tax Department takes several punitive and deterrent steps to unearth unaccounted money and curb tax evasion.  These include scrutiny of tax returns; surveys, search and seizure actions; imposition of penalty and launching of prosecution in appropriate cases.  Information technology is used in a systematic way for collection and collation of information to take anti-evasion action against tax evaders.

The Government has also framed a comprehensive five-pronged strategy in order to bring back the country’s money illegally stashed abroad.  The strategy comprises of:

(i)     Joining the global crusade against ‘black money’;

(ii)   Creating an appropriate legislative framework;

(iii) Setting up institutions for dealing with Illicit Funds;

(iv) Developing systems for implementation; and

(v)   Imparting skills to the manpower for effective action.

This information was given by the Minister of State for Finance, Shri S.S. Palanimanickam in written reply to a question in the Rajya  Sabha today.

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