The Indian Income Tax Department has issued notices in 422 cases of undisclosed assets and income of more than Rs 12,600 crore under the Foreign Black Money Act till December 2019. This information was given in Parliament on Tuesday. Union Minister of State for Finance Anurag Thakur said that the Income Tax Department has taken continuous and concrete action after the implementation of the Black Money (Undisclosed Foreign Income and Assets) and Tax Imposition Act from July 1, 2015.

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In a written reply in the Rajya Sabha regarding this matter, Anurag Thakur said, 'As a result, notices have been issued in 422 cases under this Act till December 31, 2019. This includes undisclosed foreign assets and an income of over Rs 12,600 crore. In HSBC cases, so far undisclosed income of more than Rs 8,460 crore has been brought under tax and penalty of more than Rs 1,290 crore in respect of deposits in unlicensed foreign bank accounts. About 204 prosecution complaints have been filed.

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Thakur further said that 'Continued investigation in the cases exposed by the International Consortium of Investigative Journalists (ICIJ) has revealed the accumulation of more than Rs 11,010 crore in hitherto unknown foreign accounts. About 99 prosecution complaints have been filed. Panama paper leak investigation revealed an undisclosed foreign investment of more than Rs 1,550 crore. About 38 prosecution complaints have been filed in this.

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