Lok Sabha Question No. 4983 (UNSTARRED), answered on 2026-03-23
Subject: Black Money Retrieved from Abroad
Ministry: FINANCE
Asked by: Shri Arup Chakraborty, Shri Anand Bhadauria

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE

## LOK SABHA UNSTARRED QUESTION 4983

TO BE ANSWERED ON MONDAY, MARCH 23, 2025/CHAITRA 02, 1948 (SAKA)

## BLACK MONEY RETRIEVED FROM ABROAD

## 4983. SHRI ARUP CHAKRABORTY SHRI ANAND BHADAURIA

Will the Minister of FINANCE be pleased to state:

- (a) The estimated amount of black money retrieved or brought to tax by the Government during the last three years from foreign countries along with the share of each of the countries;
- (b) Whether Central Board of Direct Taxes (CBDT) has brought Rs.14601 crores of undisclosed offshore assets/stashed in tax havens abroad to tax, if so, the details thereof, Country-wise;
- (c) The  details  of  black  money  stashed  in  foreign  bank  accounts  that  has  been  brought  back  to India during  the last two  years  and  the current year till date  along  with the details of increase/decrease in black money stashed in tax heavens, Country- wise;
- (d) The  estimated  amount  of  black  money  in  the  Country  along  with the  proposals  made  by the Government to curb domestic tax evasion.
- (e) The  details  of  the  systems  put  in  place  including  the  powers  given  to  tax  authorities,  the Enforcement Directorate and CBDT, including any proposals to increase the number of staff; and (f) The details  of  the  pacts  and  agreement  signed  by  India  with  foreign  countries  during the  last three years for flow of information on illicit income held by Indian abroad, Country- wise?

(g)

## MINISTER OF STATE FOR FINANCE (SHRI PANKAJ CHAUDHARY)

(a) & (c) There is no expression as 'black money' in the Income Tax Act, 1961 or in the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The details of tax imposed on undisclosed foreign income and assets, assessed, during the last two years and the

## ANSWER

current year (up to 31.12.2025) under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax, 2015, are as under:

| Financial Year             | Tax Imposed (Rs. in crores)   |
|----------------------------|-------------------------------|
| 2023-24                    | 949.51                        |
| 2024-25                    | 4,556.64                      |
| 2025-26 (up to 31.12.2025) | 4,009.64                      |

The above details are not maintained country-wise.

Details of year wise increase or decrease of undisclosed foreign income and assets are not available. Whenever, any credible information relating to undisclosed foreign income and assets is received, the same is investigated and appropriate action is taken under the various Acts administered by the Income-tax  Department,  including  the  Income-tax  Act,  1961  and  the  Black  Money  (Undisclosed Foreign Income and Assets) and Imposition of Tax, 2015.

- (b) As  on  31.03.2026,  the  total  undisclosed  foreign  income  and  assets,  amounting  to  Rs. 14,636 crores, have been assessed to tax under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax, 2015, for cases identified under Panama, Paradise and Pandora Paper leaks. Undisclosed foreign income and asset so assessed, exist across several tax jurisdictions, details for  which  are  not  maintained  jurisdiction-wise.  Till  31.12.2025,  1368  assessments  have  been completed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, raising tax and penalty demand of over Rs. 41,257.08 Crores and total 167 prosecution complaints have been filed.
- (d) There  is  no  official  estimation  regarding  the  amount  of  undisclosed  domestic/  foreign income and assets. Steps taken by the Government for effectively curbing the evasion of tax, are detailed as under:
- (i) 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  has  been  enacted  to  specifically  and effectively deal with the issue of black money stashed abroad.
- (ii) Benami Transactions (Prohibition) Amendment Act, 2016 has been enacted to comprehensively 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.

- (iii) Effective enforcement actions and expeditious investigation in relevant cases. Such actions include searches, surveys, enquiries, assessment of income, levy of taxes, penalties, etc. and filing of prosecution in criminal courts, wherever applicable.
- (iv) Extensive  use  of information  technology  namely  data  analytics  tools and  Artificial Intelligence for identification of high-risk cases, expeditious e-verification of suspect cases, NUDGE campaign and consequential enforcement actions in appropriate cases.
- (v) India has also joined the Automatic Exchange of Information (AEOI) based on the Common Reporting Standard and annually receives financial account information of Indian residents in other countries with which the AEOI relationship is activated. India has also entered into an Inter-Governmental Agreement (IGA) with USA in 2015 for sharing of financial account information on automatic basis.
- (vi) The NUDGE (Non-Intrusive Usage of Data to Guide and Enable) Taxpayers Campaign was launched  by  the  Income  Tax  Department  in  November  2024  and  November  2025  to improve voluntary compliance by taxpayers in reporting foreign income and assets. Under the  campaign,  informational  messages  were  sent  via  SMS  and  email  to  selected  resident taxpayers in respect of whom, during the November 2024 campaign, 19,501 select taxpayers who were reported to hold foreign assets but had not disclosed in ITR for the relevant AY 2024-25 were nudged, out of which 12,046 have responded and filed revised ITRs. During the campaign, in total, 30,161 taxpayers filled Schedule FA and reported foreign assets of value  Rs.29,208  Crores  and  foreign  income  of  Rs.1,089.88  crores.  During  the  November 2025 campaign, 20,449 select taxpayers who were reported to hold foreign assets but had not  disclosed  in  ITR  for  relevant  AY  2025-26  were  nudged,  out  of  which  13,194  have responded and filed revised ITRs. During the campaign, a total of 1,57,112 taxpayers filled schedule  FA,  reporting  foreign  assets  worth  Rs.99,882  crores  and  foreign  income  of Rs.6,540 crores.
- (vii) Mandatory linking of Aadhar with PAN, which will not only help in de-duplication of PAN but will also prevent potential tax frauds.

(e) The Government has put in place a comprehensive and multi-layered legal architecture to address the challenge of undisclosed foreign income and assets. The cornerstone of this framework is  the  Black  Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which  provides  for  separate  and  stringent  taxation  of  undisclosed  foreign  income  and  assets,  in

addition  to  prosecution  provisions  carrying  imprisonment  of  up  to  ten  years.  The  Act  operates independently of the Income Tax Act, 1961. Additionally, the Income Tax Act, 1961 continues to provide  supplementary  powers,  including  provisions  under  Sections  131,  132,  133,  and  133A, which  empower  tax  authorities  to  conduct  surveys,  searches,  seizures,  and  summon  information relevant to evasion of tax.

A  dedicated  vertical  of  Foreign  Asset  Investigation  Units  (FAIUs)  has  been  created  within  the Income-tax Department to investigate and act upon the information received through international exchange  mechanism,  coordinating  with  field  formation  for  assessment  and  enforcement  action. Currently 69 Assistant/ Deputy Director of Income-tax (Investigation), FAIU headed by 29 Joint / Additional Director of Income-tax (Investigation), FAIU units are functional in the Department. At present there is no proposal to increase the staff under FAIU units in the Income-tax Department.

The  Income  Tax  Department  works  in  close  coordination  with  the  Enforcement  Directorate,  the Financial Intelligence Unit (FIU-IND), and the Central Bureau of Investigation, ensuring that cases involving domestic tax evasion and foreign undisclosed assets stashed abroad are pursued through civil and foreign exchange dimensions simultaneously.

The  Directorate  of  Enforcement  has  been  entrusted  with  the  administration  and  enforcement  of Prevention of Money Laundering Act, 2002 (PMLA), Foreign Exchange Management Act, 1999 (FEMA) and Fugitive Economic Offenders Act, 2018 (FEOA). The role of Directorate comes in to picture as and when any contravention under FEMA or occurrence of scheduled offence disclosing the generation of PoC as defined under Section 2(1)(u) of PMLA is noticed by the Directorate or a warrant  of  arrest  issued  by  the  Magistrate  or  Court  after  taking  cognizance  of  any  scheduled offence appended to FEOA and where the amount involved is Rs. 100 crore or above, provided the accused has fled away out of India.

The Directorate of Enforcement registers a case based on money-laundering risks and threats and by  examining  information  received  through  several  sources.  After  completion  of  investigation,  a prosecution complaint is filed before the Special Court. Recently, the focus has shifted to enhance use  of  technology  which  includes  optimum  use  of  national  and  international  databases,  forensic tools, artificial intelligence, OSINT techniques and digital resources to fast-track investigations and conclude  cases  efficiently  including  strengthening  evidence  collection  and  improving  complex financial analytical capabilities.

- (f). Agreements signed by India with foreign countries during the last three years which have updated the Article on Exchange of Information are listed below:

- (i) Protocol amending the Agreement between the Government of the Republic of India and the Government of the Democratic Socialist Republic of Sri Lanka for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
- (ii) Protocol amending the Agreement between the Republic of India and the Government of the Sultanate of Oman for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
- (iii) Agreement between the Government of the Republic of India and the Government of the State  of  Qatar  for  the  avoidance  of  double  taxation  and  for  the  prevention  of  fiscal evasion with respect to taxes on income.
- (iv) Protocol amending the Convention between the Government of the Republic of India and the  Government  of  the  French  Republic  of  29  September  1992  for  the  avoidance  of double taxation and the prevention of fiscal evasion with respect to taxes on income on capital (and its Protocol).
- (v) Directorate of Enforcement has signed a MoU with the Financial Crimes Commission (FCC),  Mauritius,  which  aligns  with  India's  broader  efforts  to  enhance  international cooperation in asset recovery, as outlined in its commitments under FATF recommendations and other global anti-money laundering frameworks. Further,  India,  represented  by  the  Directorate  of  Enforcement,  is  a  member  of  Asset Recovery Interagency Network- Asia Pacific (ARIN-AP) and India, represented by CBI &  ED,  is  a  member  of  the  Global  Operational  Network  of  Anti-Corruption  Law Enforcement  Authorities  (the  GlobE  Network).  Both  ARIN-AP  and  GlobE  network provides platform for exchange of information particularly with respect to assets among the member countries.
- (vi)    The channels of Interpol, MLAT and other informal channels such as EGMONT are also utilised for exchange of information.

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