Rs 19,000 Crore Black Money in ICIJ, HSBC Cases

Finance Minister Arun Jaitley, informed in Lok Sabha that Rs.19000 crores of unaccounted wealth is detected during the investigations and the Income tax department investigating the accounts of some 700 Indians, who stashed money in no tax jurisdictions around the world. He also said that 72 prosecution complaints are filed in 31 such cases in criminal courts so far. This is the result of a multi-agency group (MAG) instituted by the Government of India in April 2016 during Panama papers leak.
Mr. Jaitley also said,’As a result of systematic investigation in these cases, undisclosed income of about Rs 8,437 crore was brought to tax till May 2017. Besides, concealment penalty of Rs 1,287 crore was levied in 162 cases and 199 criminal prosecution complaints were filed in 84 cases”.