7/21/2017 I-T dept detects Rs 19,000 crore black money in ICIJ, HSBC cases - Times of India

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I-T dept detects Rs 19,000 crore black money in ICIJ,

HSBC cases
PTI | Jul 21, 2017, 05.55 PM IST

NEW DELHI: The Income Tax department has detected over Rs 19,000
crore in black money+ following investigations into global leaks including
HSBC account holders in Switzerland, the government said on Friday.

Finance minister Arun Jaitley said investigations into information, put into
public domain by the ICIJ (International Consortium of Investigative
Journalists), pertaining to about 700 Indians allegedly linked to oshore
entities based in no tax or low tax jurisdiction, have led to detection of
more than Rs 11,010 crore of credits in undisclosed foreign accounts.

"72 prosecution complaints in 31 such cases have been led before the
criminal courts," he informed the Lok Sabha.

The government constituted a multi-agency group (MAG) in April 2016 for speedy investigation in the cases of Indians allegedly
having undisclosed foreign assets and whose names were reportedly included in Panama papers leak.

He further said that information on 628 Indians holding bank accounts in HSBC bank in Switzerland was received from the
government of France under the Double Taxation Avoidance Convention (DTAC) between India and France.

"As a result of systematic investigation in these cases, undisclosed income of about Rs 8,437 crore was brought to tax till May
2017.

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7/21/2017 I-T dept detects Rs 19,000 crore black money in ICIJ, HSBC cases - Times of India

"Besides, concealment penalty of Rs 1,287 crore was levied in 162 cases and 199 criminal prosecution complaints were led in
84 cases," Jaitley pointed out.

He noted, however, that the information received under the tax treaties can be used for tax purposes and its disclosure is
governed by the condentiality provisions of such treaties.

Replying to a query, whether the government has made any assessment of black money stashed by Indians in foreign
countries, Jaitley said there is no ocial estimation of that.

However, he said, the government had commissioned a study on estimation of unaccounted income and wealth inside and
outside the country to be conducted by NIPFP, NIFM and NCAER.

"The reports of these institutions and the government's response on the ndings in the reports would be placed before the
standing committee on nance shortly," he added.

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