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Black money :- Over Rs 16,000 crore black money detected in 20 months

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  • A government crackdown on black money has led to detection of undisclosed income of over Rs 16,000 crore since March 2014,
  • Assets worth Rs 1,200 crore have been seized.
  • Prosecution has been filed in 774 cases up to September 2015.
  • The measures included a one-time 90-day window to come clean on undisclosed wealth, which led to declarations worth over Rs 4,160 crore, and the government is expecting Rs 2,500 crore as tax and penalties by month-end.
  • To deal with illegal wealth stashed abroad, the government legislated the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which provides for stringent penalty and jail term.
  • Govt attempt to get more information from governments of other countries about the resident tax payers is likely to get more traction in 2016
  • Under the Foreign Account Tax Compliance Act (FATCA), signed with the US, India has already started getting information
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