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Decline in amount of black money in foreign banks

News and Press Release - Dated:- 20-7-2016 - While there is no official estimation regarding black money of Indians stacked in Swiss banks, recent media reports have quoted Zurich based Swiss National Bank as saying that money held by Indians in Swiss banks has fallen by nearly one-third. These reports also say that the funds, described by Swiss National Bank as liabilities of Swiss banks or amounts due to their clients, are the official figures disclosed by the Swiss authorities and do not indi .....

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e 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) Enactment of a comprehensive law - The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which has come into force w.e.f. 01.07.2015 to specifically and more effectively deal with the issue of black money stashed away abro .....

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