Lok Sabha Question No. 3 (UNSTARRED), answered on 2023-12-04
Subject: Selling of Attached Assets
Ministry: FINANCE
Asked by: Prabhubhai Nagarbhai Vasava

## Government of India Ministry of Finance Department of Revenue

## LOK SABHA UN-STARRED QUESTION NO. 3

TO BE ANSWERED ON MONDAY, DECEMBER 4, 2023 Agrahayana 13, 1945 (Saka)

## SELLING OF ATTACHED ASSETS

## 3. SHRI PARBHUBHAI NAGARBHAI VASAVA:

Will the Minister of FINANCE be pleased to state:

- (a) the total revenue generated by Enforcement Directorate from selling of assets attached by it during the last three years;
- (b) the total revenue generated by Central Board of Direct Taxes and Indirect Taxes from selling of assets attached by it during the last three years;
- (c)  the  steps  taken  during  the  last  three  years  or  proposed  to  be  taken  in  future  by  the Government for timely sale of attached assets;
- (d) whether there is a continuous monitoring mechanism, including at the highest level, for timely sale of attached assets; and
- (e) if so, the details thereof?

## ANSWER MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI PANKAJ CHAUDHARY)

- (a): The assets attached by ED are confiscated to the Govt. of India by Special Court and the same vests with the Government once the confiscation order attains finality. Till date, assets valued  at  a  total  amount  of  Rs.  16,543.95  crores  have  been  confiscated  under  PMLA  and FEOA.  Out  of  these,  assets  valued  at  a  total  amount  of  Rs.  15,183.77  crores  have  been restituted to  Public Sector Banks under PMLA. Further, assets valued at a total amount of Rs. 1220 crores have been restituted to victims of fraud. Thus assets valued at a total amount of Rs. 16,333.02 crores have been restituted under PMLA.

## (b): Details of revenue generated are as follows:

| Financial Year   | CBDT               | CBIC               |
|------------------|--------------------|--------------------|
|                  | Value (Rs. In Cr.) | Value (Rs. In Cr.) |
| 2020-21          | 4.2869             | 1.03               |
| 2021-22          | 27.1925            | 4.23               |
| 2022-23          | 148.6822           | 0.90               |

(c): The  Income  tax  Department  has  affected  the  sale  of  attached  assets  within  the  time prescribed under the provisions of Second Schedule of the Income-tax Act, 1961.

Similarly,  appropriate  steps  as  per  Master  Circular  on  Recovery  &  write  off  Arrears  of Revenue,  Circular  No.1081/02/2022-CX  dated  19.01.2022  are  taken  for  pursuing  cases  in National  Company  Law  Tribunal/Debt  Recovery  Tribunal/Official  Liquidator  by  officers under CBIC. They also take timely action for appointment of government valuer and auction through agencies like MMTC after valuation.

(d): Yes, there is continuous monitoring at commissionerate level by officers of both CBDT & CBIC.

(e): The Income Tax Department has systems in place for the recovery of tax dues through various  methods,  including  the  attachment  and  sale  of  assets  which  is  undertaken  by  Tax Recovery  Officers  as  per  provisions  laid  in  the  Second  Schedule  of  the  Income-  tax  Act, 1961. CBDT issues OMs and other administrative guidelines from time to time to the field formation for the realization of tax dues through the timely sale of attached assets.

Similarly, jurisdictional Principal Commissioner / Commissioner of CBIC monitor the outcome of various courts cases wherein the cases of assets attached are pending, so that same can be timely disposed for recovery of Govt. dues.

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