India has filed 164 prosecution instances in opposition to alleged holders of unlawful distant places money owed with HSBC bank, amounting to an evaluation of Rs 8,000 crore, Finance Minister Arun Jaitley stated right here on Saturday. Addressing a press conference following the realization of the earnings declaration Scheme, Jaitley stated several steps had been taken by way of the high Minister Narendra Modi government to make sure that black cash of Indians — each inside and outdoor the united states — is unearthed. in this regard he cited the setting up of the unique investigation group to probe such cases, the rehaul of the Benami Act to help the state take over such property and the follow-up on reveal via various organizations of wealth stashed abroad, in conjunction with a specific scheme.


“We additionally acted on the disclosures via the international Consortium of newshounds — there has been a detection of Rs 5,000 crore of undisclosed deposits in foreign debts,” he stated. This apart, the Finance Minister said, investigations into what are referred to as “Panama Papers” case brought about 250 references being made to other countries, requesting details about tax evaders.

“As a end result, there was a quantum bounce in searches and survey has ended in seizure of Rs 1,986 crore as well as undisclosed earnings of Rs fifty six,378 crore inside the closing and half of years,” he stated. The Finance Minister also said the upgradation of IT abilties of the diverse departments has led to non-intrusive methods of detection of tax evasion — Rs sixteen,000 crore became obtained as tax out of 1 such machine and three,626 prosecution cases have been filed in the final two and half years. “that is more than double in comparison to previous two years.”