Lok Sabha Question No. 3015 (UNSTARRED), answered on 2018-01-05
Subject: Black Money Stashed Abroad
Ministry: FINANCE
Asked by: INNOCENT

3015. SHRI INNOCENT:

Will the Minister of FINANCE be pleased to state:

- (a) the names of the countries which have entered into agreement for bringing back black money during the last three years;
- (b) the amount of money brought back into the country during the said period;
- (c) whether the expected goals are not being achieved in the matter of black money; and
- (d) if so, the details thereof?

## ANSWER MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI SHIV PRATAP SHUKLA)

- (a):  During  the  last  three  years,  15  Double  Taxation  Avoidance  Agreements/  Tax Information  Exchange  Agreements  or  amending  protocols  between  India  and  other countries have  entered into force for incorporating the provisions of  exchange  of information  as  per  the  international  standards.  The  list  of  such  countries  is  given  in Annexure - A.

Continued on next page

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE

***

## LOK SABHA UNSTARRED QUESTION NO. 3015

## TO BE ANSWERED ON FRIDAY, THE 5 TH  JANUARY, 2018 PAUSHA 15, 1939 (SAKA)

## BLACK MONEY STASHED ABROAD

- (b):  The  investigations  in  foreign  assets  cases  have  been  conducted  in  HSBC  bank accounts,  ICIJ  cases  and  Panama  Papers  Leaks.  As  an  outcome  of  investigations conducted, the following undisclosed incomes have been detected on account of deposits made in unreported foreign bank accounts:

| Type of Foreign Assets Case   | Amount of Undisclosed Income   |
|-------------------------------|--------------------------------|
| HSBC Cases                    | Rs. 8448 Crore                 |
| ICIJ Cases                    | Rs. 11,010 Crore               |
| Panama Paper Leaks            | Rs. 901 Crore                  |

(c): No, Madam.

(d): Does not arise in view of (c) above.

*****

Annexure - A

The  List  of  Double  Taxation  Avoidance  Agreements  (DTAA)/Tax  Information Exchange  Agreements  (TIEA)  entered  into  or  amended  through  protocol  for incorporating provisions for exchange  of  information as per international standards during the period 2015, 2016 and 2017:

|   Sl. No. | Country               | Description       | Date of entry into force   |
|-----------|-----------------------|-------------------|----------------------------|
|         1 | Denmark               | Amending Protocol | 01.02.2015                 |
|         2 | Croatia               | DTAA              | 06.02.2015                 |
|         3 | Thailand              | Revised DTAA      | 13.10.2015                 |
|         4 | Belarus               | Amending Protocol | 19.11.2015                 |
|         5 | Saint Kitts and Nevis | TIEA              | 02.02.2016                 |
|         6 | Indonesia             | Revised DTAA      | 05.02.2016                 |
|         7 | Mauritius             | Amending Protocol | 19.07.2016                 |
|         8 | Korea                 | Revised DTAA      | 12.09.2016                 |
|         9 | Japan                 | Amending Protocol | 29.10.2016                 |
|        10 | Cyprus                | Revised DTAA      | 14.12.2016                 |
|        11 | Israel                | Amending Protocol | 19.12.2016                 |
|        12 | Slovenia              | Amending Protocol | 21.12.2016                 |
|        13 | Vietnam               | Amending Protocol | 21.02.2017                 |
|        14 | Singapore             | Amending Protocol | 27.02.2017                 |
|        15 | New Zealand           | Amending Protocol | 07.09.2017                 |