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Action against Black Money in Foreign Accounts

News and Press Release - Dated:- 22-11-2016 - In the cases of HSBC overseas bank accounts, tax demand of about ₹ 5377 crore was raised till 31st March 2016, which includes demand in protective assessments. Information regarding 628 Indian persons holding bank accounts in HSBC bank in Switzerland was obtained from the Government of France under Double Taxation Avoidance Convention (DTAC) between India and France in 2011. Appropriate action has been taken in these cases which include enquiri .....

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in 159 cases and 164 criminal prosecution complaints were filed in 75 cases till 31st March 2016. Action against tax evasion/black money, including in respect of black money stashed away abroad, is an on-going process. Such action under direct tax laws includes searches, surveys, enquiries, assessment of income, levy of penalties and filing of prosecution complaints before criminal courts, wherever applicable. Recognizing various limitations under the existing legislation [Income-tax Act, 1961, .....

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cheduled Offence for the purposes of the Prevention of Money-laundering Act, 2002. This enables attachment and confiscation of the proceeds of crime of wilful attempt to evade such tax, etc., eventually leading to recovery of such undisclosed foreign income and assets/black money stashed away abroad. The new law came into force w.e.f. 01.07.2015. In addition to the above, the Government has taken several measures to effectively tackle the issue of black money, particularly black money stashed aw .....

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ormer 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) Proactively engaging with foreign governments with a view to facilitate and enhance the exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchang .....

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