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INDIA BREAKING NEWS

No official estimate of black money hidden in Swiss banks for last 10 years: Government

ByAsim Dutta

Jul 26, 2021 , , , , ,
No official estimate of black money hidden in Swiss banks for last 10 years: Government

New Delhi: The government on Monday said that there is no official estimate of the black money stashed in Swiss banks for the last 10 years. This was stated by Pankaj Choudhary, Minister of State for Finance in a written reply to a question by Vincent H Pala in Lok Sabha. He also said that in recent years, the government has made several efforts to bring back black money stashed abroad, including giving effect to the Black Money and Imposition of Tax Act, setting up of a Special Investigation Team (SIT), etc.

Pankaj Chaudhary said that till May 31 this year, assessment orders have been issued in 66 cases under Section 10(3)/10(4) of the Black Money Act, 2015 in which a demand of Rs 8,216 crore has been made. He said that in HSBC cases, undeclared assets worth about Rs 8,465 crore have been brought under tax and a fine of Rs 1294 crore has been imposed. ICIJ (International Association of Investigative Journalists) cases have detected undisclosed income of about Rs 11,010 crore.

In his reply, the Minister of State for Finance said that undisclosed deposits of Rs 20,078 crore (approx) have been detected in the Panama Papers leak cases. At the same time, undeclared deposits of about Rs 246 crore have been detected in the Paradise Papers leak cases.

Earlier on July 20, the Minister of State for Finance, in reply to a written question in the Rajya Sabha, had told that the Swiss authorities have told the Finance Ministry that the money of customers deposited in Swiss banks should not necessarily be in Switzerland but also in foreign branches. Data on deposits may also be included.

Funds deposited in Swiss banks by Indian individuals and companies, including funds deposited through branches and other financial institutions in India, rose to a 13-year high of 2.55 billion Swiss francs in 2020, according to the latest data from the Swiss National Bank (SNB). reached. According to Indian currency, this amount is around Rs 20,700 crore.

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By Asim Dutta

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India News Aaztak

We try to bring you the news of India and world as well which are not very common in nature. Sometimes it remain laying in the far end corner of the newspaper but have the potential to leave the unforgettable impact in the hearts of readers. In course of picking up these unique news we do also experience amazing things in astounding manner.

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