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Rs 13,000 cr black money uncovered from foreign banks

In the case of HSBC, Centre had received information about 628 bank accounts

Policy Pulse
Publish Date: Jun 27 2016 11:02AM | Updated Date: Jun 27 2016 11:04AM

Rs 13,000 cr black money uncovered from foreign banks

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Centre’s  crackdown on those keeping their g undeclared income in overseas bank accounts is seeing results with the Income Tax authorities having uncovered more than Rs 13,000 crore from just two sets of information received in 2011 and 2013, a ‘The Times of India’ report has said.

 
Not less than 400 cases of Indians with deposits in HSBC, Geneva, the information of which were received from the French government in 2011, authorities have uncovered unrevealed income of Rs 8,186 crore, the highest discovery ever from offshore bank accounts, and increased a tax demand of about Rs 5,377 crore against such account-holders till March 31, 2016, according to an I-T assessment report.
 
In the case of HSBC, Centre had received information about 628 bank accounts. 
 
Of these, at least 213 accounts were found "not actionable" as they either had no money or they belonged to NRIs. 
 
In some case, entities remained undetectable.
 
According to I-T repor, "Out of the actionable cases, assessments have been completed in 398 cases, including those settled by the I-T Settlement Commission as well as cases where assessment proceedings have been dropped." 
 
Based on another set of info revealed in 2013, authorities have detected unrevealed income of Rs 5,000 crore in foreign bank accounts supposedly linked to 700 Indians.
 
Till now, I-T department has filed 55 prosecution grievances before criminal courts in the ICIJ cases on charges of wilful attempt to avoid tax. The basis has been false statements made by these entities during the authentication process.
 
In the HSBC Geneva case, tax authorities have launched prosecution proceedings in 75 cases, a majority for wilful attempt to evade tax. 
 
Criminal courts have taken cognisance in most of these prosecution complaint cases, giving way for the Enforcement Directorate to begin ctions under Prevention of Money Laundering Act (PMLA).