Income Tax Department unearths Rs 13000 crores Black Money Stashed in Foreign Bank Accounts


New Delhi: The income tax powers that be have unearthed Rs 13,000 crore of black money from immediately two sets of sequence established in 2011 and 2013. According to a statement, the government’s onslaught on those investments unnamed income has yielded hundreds of belongings of such takings stashed in banks like HSBC, Geneva. The information were conventional from the French administration in 2011, and the unaccounted for proceeds amounts to Rs 8,186 crore. This is the uppermost increasingly revelation from offshore bank financial records. It has raised a duty demand of Rs 5,377 crore next to such explanation holders plow March 31, 2016.

In the HSBC holder, the administration had established in sequence about 628 bank accounts. At smallest amount 213 were establish “not actionable” as they also had no currency in them or they belonged to non-resident Indians. Also, the entities remained undetectable. The additional deposit of information appears on the website of the International Consortium of Investigative Journalists (ICIJ). IT officials contain exposed undisclosed profits of over Rs 5,000 crore in foreign bank financial records of above 700 Indians.

Action procedures have been immigrated in 75 bags in the HSBC Geneva. The Enforcement Directorate can at the present start deed beneath the severe Prevention of Money Laundering Act (PMLA), as the illegal courts boast taken cognizance of the substance. Release for a number of individuals whose names had become on the ICIJ website. They encompass complete declarations beneath the black currency declaration casement scheme, which the government had introduced for an incomplete era throughout 2015. The report also conveys that, present will be no interval for persons against whom IT powers have previously launched a search.