The Centre has clarified its efforts and achievements in recovering black cash from overseas beneath the Black Cash Act (BMA), 2015. As of March 31, 2025, the Earnings Tax Division has accomplished 1,021 assessments beneath the BMA, ensuing within the levying of tax and penalties amounting to over Rs 35,105 crore. This improvement comes amidst ongoing discussions concerning Indian deposits in Swiss banks, which have been a controversial matter in latest occasions.
Minister of State within the Ministry of Finance, Pankaj Chaudhary, addressed the Parliament on the matter, citing media experiences and clarifications from Swiss authorities. “There are some media experiences based mostly on Swiss Nationwide Financial institution (SNB) statistics which point out that Indian-linked funds in Swiss banks have risen in 2024 as in comparison with the earlier 12 months’s quantity,” acknowledged Chaudhary. He additionally talked about that Swiss authorities clarified that these statistics embody varied monetary figures and shouldn’t be used to analyse particular person deposits in Swiss banks held by Indian residents. This clarification is essential because it prevents misinterpretation of the info, making certain that the general public understands the complexity behind such statistics.
Underneath the Computerized Change of Data (AEOI) framework, India has been receiving monetary data yearly from Switzerland since 2018. The trade goals to establish undisclosed overseas property and revenue, enabling the Indian authorities to take motion in opposition to tax evasion. Along side data from over 100 overseas tax jurisdictions, this technique permits the Earnings Tax Division to carry out inquiries, searches, assessments, and implement the restoration of taxes and penalties. This complete framework strengthens India’s capacity to fight tax evasion on a world scale.
The federal government has made important progress by way of the BMA, recovering undisclosed overseas property value Rs 4,164 crore throughout a compliance window in 2015, on which Rs 2,476 crore in tax and penalties have been recovered. As well as, Rs 338 crore has been recovered as tax, penalty, or curiosity as of March 2025, with 163 prosecution complaints filed. These efforts showcase the federal government’s dedication to addressing the problem of black cash successfully.
Regardless of the rise in Indian deposits reported by SNB, the federal government stresses that having accounts in Switzerland just isn’t inherently unlawful, supplied the funds are declared and taxes paid.
“The media experiences additionally point out that, as per Swiss authorities, the info in respect of SNB statistics consists of, inter alia, quantities due in respect of buyer deposits (together with in overseas branches of Swiss banks positioned in any nation) and different liabilities in addition to quantities as a consequence of banks, and that the Swiss authorities have clarified that the SNB annual banking statistics shouldn’t be used for analysing deposits held by residents of India in Switzerland,” Chaudhary reiterated.
The main focus stays on undisclosed or unlawful wealth, with ongoing efforts to watch and prosecute each time crucial. The federal government’s vigilance in these issues underscores its dedication to sustaining monetary integrity and transparency.
