Lok Sabha Question No. 49 (UNSTARRED), answered on 2018-02-02
Subject: Campaign against Black Money
Ministry: FINANCE
Asked by: RAJAN BABURAO  VICHARE

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE LOK SABHA UNSTARRED QUESTION NO.†49

TO BE ANSWERED ON FRIDAY, 2 ND  FEBRUARY, 2018

MAGHA 13, 1939 ( SAKA )

## CAMPAIGN AGAINST BLACK MONEY

## †49:  SHRI RAJAN VICHARE:

## Will the Minister of FINANCE be pleased to state:

- (a) whether the Government's strict campaign against black money is still in operation; and

(b) if so, the details thereof and the amount of black money received by the Government as a result of demonetisation and the sectors wherein this money is likely to be utilised?

## ANSWER MINISTER OF STATE FOR FINANCE (SHRI SHIV PRATAP SHUKLA)

(a):  In recent times, as part of strict campaign against black money, the Government has taken several  steps,  both  by  way  of  policy-level  initiatives  as  well  as  through  more  effective enforcement  actions  on  the  ground,  to  tackle  the  issue  of  black  money,  particularly  black money stashed abroad. These ongoing steps include putting in place robust legislative  and administrative frame works, systems and processes with due focus on capacity building and integration of information and its mining through increasing use of information technology.

- (b) The various initiatives taken with regard to the Government's strict campaign against black money include -
- (i) Constitution  of  the  Special  Investigation  Team  (SIT)  on  Black  Money  under Chairmanship and Vice-Chairmanship of two former Judges of Hon'ble Supreme Court,
- (ii) Enactment  of  a  comprehensive  law  -  'The  Black  Money  (Undisclosed  Foreign Income and Assets) and Imposition of Tax Act, 2015' which has come into force w.e.f. 01.07.2015 to specifically and more effectively deal with the issue of black money stashed away abroad,
- (iii) Enactment  of  the  Benami  Transactions  (Prohibition)  Amendment  Act,  2016  to amend the Benami Transactions (Prohibition) Act, 1988 with a view to, inter alia , enable  confiscation  of benami property  and  prosecution  of benamidar and  the beneficial owner,
- (iv) Constitution of Multi-Agency Group (MAG) consisting of officers of Central Board of Direct Taxes (CBDT), Reserve Bank of India (RBI), Enforcement Directorate (ED), and Financial Intelligence Unit (FIU) for investigation of recent revelations in Panama Paper Leaks, Paradise Paper Leaks.
- (v) Actions in context of demonetization and launching of 'Operation Clean Money' on 31st January 2017 for collection, collation and analysis of information on cash transactions during demonetization period.

Post demonetization enforcement actions were intensified by the ITD. As an outcome, more than 1,100 search, seizure and survey actions were taken by the ITD during the period 9 th November 2016 to 10 th January 2017 wherein undisclosed income detected in these actions (as on 10 th January 2017) was more than Rs. 5,400 crores.

Taxes collected by the ITD are deposited under various heads of income and form part of the revenues of Union Government. These are subsequently utilized as per the approved plan and policies of the Government.

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