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Recovery of Black Money

News and Press Release - Dated:- 13-8-2016 - The Government has taken various measures to effectively deal with the issue of black money, particularly black money stashed away abroad. Such measures include policy-level initiatives, more effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration of information and its mining through increasing use of information technology .....

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ful attempt to evade tax etc under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 a scheduled offence under PMLA, 2002; 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; • Proactively engaging with foreign governments with a view to facilitate and e .....

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Transactions (Prohibition) Amendment Bill, 2015 to amend the Benami Transactions (Prohibition) Act, 1988 with a view to, inter alia, enable confiscation of Benami property and provide for prosecution; • According high priority to the cases involving black money stashed away abroad for investigation and other follow-up actions including prosecutions in appropriate cases; (ix) While focusing upon non-intrusive measures, giving due emphasis on enforcement measures in high impact cases with a .....

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