Govt sought INR-351-bln tax, fine under black money act for offshore assets
This story was originally published at 15:10 IST on 22 July 2025
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NEW DELHI – The government has, till March, raised tax and penalty demand worth INR 351 billion under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, Minister of State for Finance Pankaj Chaudhary said Tuesday. The black money act came into force on Jul. 1, 2015, to deal with the problem of undisclosed foreign income and assets.
Under the Act, between July 2015 and March 2025, the government recovered only INR 3.38 billion as against the tax, penalty and interest demands issued, Chaudhary said in a written response to the Rajya Sabha. A total of 1,021 assessments have been completed under the Act and 163 prosecutions complaints have been filed during this period, he added.
The minister's response was in relation to Swiss National Bank data showing that in 2024, INR 370 billion held in Swiss banks includes all forms of funds from Indian clients, including individuals, enterprises and banks, along with figures from Swiss bank branches in India and non-deposit liabilities.
He clarified that India receives information about foreign assets and income from more than 100 foreign tax jurisdictions and whenever any instance of tax evasion is detected, appropriate action under direct tax laws are taken. End
Reported by Priyasmita Dutta
Edited by Akul Nishant Akhoury
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