163 Black Money Act probes conducted in 9 years

The Centre told Parliament that details of specific assesses against whom action has been taken cannot be disclosed under the provisions of the Income Tax Act.

In the last nine years, there have been 163 investigations and assessment orders passed in 652 cases raising an aggregate demand of ₹17,162 crore under the Black Money Act, the Centre informed Parliament on Tuesday.

Sharing data of the last five years, the minister said 109 prosecutions were launched between 2019-20 and 2023-24. (File)

It added that details of specific assesses against whom action has been taken cannot be disclosed under the provisions of the Income Tax Act.

In a written reply, Union minister of state for finance Pankaj Chaudhary said in Rajya Sabha: “As on March 31, 2024, orders u/s 10(3)/10(4) of the Act have been passed in about 652 cases raising demand of more than ₹17,162 crores (approximately) and 163 prosecutions have been launched.”

Sharing data of the last five years, the minister said 109 prosecutions were launched between 2019-20 and 2023-24.

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act was brought by the National Democratic Alliance (NDA) in July 2015 to deal with the issue of black money stashed abroad and wilful evasion of tax in relation to such income/assets. The government had also formed a Special Investigation Team (SIT) on black money.

When the law was brought, a one-time opportunity was given to voluntarily disclose the undisclosed foreign income or assets.

According to the data shared by Chaudhary on Tuesday in Rajya Sabha, 648 disclosures involving undisclosed foreign assets worth ₹4,164 crores were made in the one-time three month-long compliance window between July 1, 2015 and September 30, 2015. “The amount collected by way of tax and penalty in such cases was about ₹2,476 crore,” he added.

In a separate reply pertaining to money laundering probes, Chaudhary informed the upper house that the Enforcement Directorate (ED) has till July 31 this year filed total 7,083 cases under the Prevention of Money Laundering Act (PMLA).

The financial crimes probe agency has till July 31 attached properties worth ₹1.31 lakh crore under PMLA.

On the number of cases registered by ED in the last six years, the minister replied that between January 1, 2019, and July 31 this year, 4,467 PMLA cases were filed. In these six years, charge sheets have been filed in 831 cases.

Responding to a question on charge sheets filed against private companies, Chaudhary said ED has filed charge sheets against 1,519 companies under PMLA since January 1, 2019.

PMLA, enacted in 2002, was implemented on July 1, 2005. It gives immense powers to the ED to record statements of individuals and use the same against them to file a charge sheet.