In recent developments, the Indian government has intensified its efforts to tackle black money and money laundering. Over the past nine years, authorities have launched 163 investigations under the Black Money Act, leading to assessment orders in 652 cases. This has resulted in a demand for Rs 17,162 crore. However, specific details about the individuals or entities involved cannot be disclosed due to provisions in the Income Tax Act.
Union Minister of State for Finance, Pankaj Chaudhary, provided this information in a written reply to the Rajya Sabha. As of March 31, 2024, the government has taken substantial action under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, which was enacted in July 2015 by the National Democratic Alliance (NDA). This legislation aims to address black money stashed abroad and tackle tax evasion related to such income or assets.
Between 2019 and 2024, a total of 109 prosecutions were initiated. The act provided a one-time opportunity for individuals to voluntarily disclose their undisclosed foreign assets, resulting in 648 disclosures amounting to Rs 4,164 crore. The government collected approximately ₹2,476 crore in taxes and penalties from these disclosures.
In a separate update, the Enforcement Directorate (ED) has reported significant progress in its fight against money laundering. As of July 31 this year, the ED has filed 7,083 cases under the Prevention of Money Laundering Act (PMLA). The agency has also attached assets worth Rs 1.31 lakh crore.
From January 1, 2019, to July 31, 2024, the ED filed 4,467 PMLA cases and has filed charge sheets in 831 of these cases. Additionally, the ED has charged 1,519 companies under PMLA since the beginning of 2019. The PMLA, which was enacted in 2002 and implemented in 2005, grants the ED significant powers to investigate and prosecute financial crimes, including recording statements from individuals to build cases against them.
These measures reflect the Indian government’s ongoing commitment to combating financial crime and ensuring transparency in the financial sector.
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