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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 enf .....

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. Recent major initiatives in this regard include - • Constitution of the Special Investigation Team (SIT) on Black Money under Chairmanship and Vice-Chairmanship of two former Judges of Hon ble Supreme Court; • Enactment of a comprehensive .....

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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 coun .....

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nhance the exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Conventions etc; • Proactively furthering global efforts to combat tax evasion/black money, inter alia .....

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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 invo .....

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view to prosecute the offenders at the earliest for credible deterrence against tax evasion/black money; • Implementing information technology based Project Insight by the Income Tax Department for strengthening the non-intrusive information dri .....

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orate (ED) and Financial Intelligence Unit (FIU) for expeditious & coordinated investigation of recent revelations in Panama paper leaks. Further, before the cases involving black money stashed away abroad were subjected to more stringent provisi .....

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eign assets worth ₹ 4164 crore were made. The amount collected by way of tax and penalty in such cases is about ₹ 2476 crore. While action against black money is an on-going process, as part of enforcement measures, the Income Tax Departm .....

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