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IT department detects `16,200 cr black money

Over Rs 16,200 crore in black money has been detected by the government after investigations on global leaks about Indians stashing funds abroad, Parliament was informed on Monday.

"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 last about 2 years on account of deposits made in unreported foreign bank accounts in HSBC.

"Further, about Rs 8,000 crore of credits in the undisclosed foreign accounts of Indians, whose names were disclosed by the International Consortium of Investigative Journalists (ICIJ), have been detected," finance minister Arun Jaitley said in a written reply to the Rajya Sabha.
There is no official estimation of quantum of black money stashed abroad by Indians, he said.

"The government is, however, committed to taking all possible measures to bring back black money stashed by Indians in foreign countries," he said.

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (The BM Act) was enacted to specifically and effectively tackle the issue of black money stashed away abroad, the minister said.
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