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Black money: No estimate of amount stashed in foreign accounts for last 5 years, Centre tells RS

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The Centre said that 648 disclosures about foreign assets worth Rs 4,164 crore were made during a one-time compliance window in September 2015.

There is no official estimate on the amount of black money stashed in foreign accounts for last five years, the Union government told the Rajya Sabha on Tuesday.

Minister of State for Finance Pankaj Chaudhary made the statement in a written reply to a question by Samajwadi Party MPs Sukhram Singh Yadav and Vishambhar Prasad Nishad.

Chaudhary said that the government has taken several steps against black money stashed abroad, and added that these have led to positive results.

The Centre said that 648 disclosures about undisclosed foreign assets worth Rs 4,164 crore were made during a one-time three month compliance window that closed on September 30, 2015. “The amount collected by way of tax and penalty in such cases was about Rs 2,476 crore,” Chaudhary said.

Undisclosed income amounting to over Rs 8,466 crore from unreported foreign accounts of HSBC Bank has been brought to tax, the government told the Rajya Sabha. Penalties of over Rs 1,294 crore have been levied on this income, it added.

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