Finance Minister Arun Jaitley said investigations into Indians hoarding illegal incomes abroad revealed over Rs 16,200 crore in black money, PTI reported on Tuesday. In a written reply to members of the Rajya Sabha on Monday, Jaitley said the Centre was determined to recover the money while adding that there was no official record specifying the exact amount of black money stored abroad.
“As a result of systematic investigations, undisclosed income of about Rs 8,200 crore (including protective assessment of income of Rs 1,497 crore) has been brought to tax in the past two years on account of deposits made in unreported foreign bank accounts in HSBC,” the statement said.
Jaitley said Rs 8,000 crore of credits in foreign-based undisclosed accounts, owned by Indians listed by the International Consortium of Investigative Journalists, have also been detected.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!