Published On: Tue, Feb 7th, 2017

Rs 16,200 cr undisclosed foreign income detected: Jaitley

New Delhi: A total of Rs 16,200 crore in undisclosed foreign income of Indians has been detected under the HSBC and International Consortium of Investigative Journalists (ICIJ) lists, Finance Minister Arun Jaitley said on Tuesday.

The amount of Rs 2,476 crore has been collected by way of tax and penalty in such cases

“As a result of systematic investigations, undisclosed income of about Rs 8,200 crore (including protective assessment of income of Rs 1,497 crore) has been brought to tax in the last about two years on account of deposits made in unreported foreign bank accounts in HSBC,” Jaitley told the Rajya Sabha in a written reply.

“Further, about Rs 8,000 crore of credits in the undisclosed foreign accounts of Indians, whose names were disclosed by the ICIJ, have been detected,” he added.

During the one-time three months’ window under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which closed on September 30, 2015, 648 declarations involving undisclosed foreign assets worth Rs 4,164 crore were made, Jaitley said.

“The amount of Rs 2,476 crore has been collected by way of tax and penalty in such cases,” he said.

Jaitley, however, said there was no official estimate of the quantum of black money stashed by Indians abroad.

“The government is committed to taking all possible measures to bring back black money stashed by Indians in foreign countries,” he added.

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