Motion In opposition to Black Cash: After coming to energy on the centre, the Modi authorities gave details about the steps taken and actions taken in opposition to black cash within the Parliament on Tuesday (6 August). The central authorities knowledgeable that India has initiated 163 investigations below the Black Cash Act within the final 9 years and handed evaluation orders in 652 instances, which has led to a requirement for restoration of Rs 17,162 crore.
Nonetheless, he additionally mentioned that as per the availability of the Revenue Tax Act, particulars of particular taxpayers in opposition to whom motion has been taken can’t be given. Union Minister of State for Finance Pankaj Chaudhary mentioned in a written reply within the Rajya Sabha, “As of March 31, 2024, orders have been handed in about 652 instances below part 10 (3)/10 (4) of the Act, wherein demand of greater than Rs 17,162 crore (roughly) has been made and 163 prosecutions have been initiated.”
109 instances had been began in 5 years
Sharing the info of the final 5 years, the minister mentioned that 109 instances have been initiated between 2019-20 and 2023-24. The Black Cash (Undisclosed Overseas Revenue and Property) and Imposition of Tax Act was launched by the Nationwide Democratic Alliance (NDA) in July 2015 to successfully cope with the difficulty of black cash stashed overseas. The federal government additionally fashioned a Particular Investigation Group (SIT) on black cash.
‘2476 crore rupees collected’
When this legislation was launched, a one-time alternative was given to voluntarily disclose undisclosed overseas earnings or property. In keeping with information shared by the Union minister, 648 disclosures had been made pertaining to undisclosed overseas property price Rs 4,164 crore in a one-time three-month interval between July 1, 2015 and September 30, 2015. “The quantity collected as tax and penalty in such instances was about Rs 2,476 crore,” he mentioned.
‘ED confiscated property price Rs 1.31 lakh crore’
In a separate reply associated to cash laundering investigations, Chaudhary advised the Higher Home that the Enforcement Directorate (ED) has registered 7,083 instances below the Prevention of Cash Laundering Act (PMLA) until July 31 this 12 months. The ED has connected property price Rs 1.31 lakh crore below PMLA until July 31.
When requested concerning the variety of ED instances registered within the final six years, the minister mentioned that 4,467 PMLA instances have been registered between January 1, 2019 and July 31 this 12 months. Cost sheets have been filed in 831 instances in these six years.
Responding to a query on cost sheets filed in opposition to non-public firms, Choudhary mentioned the ED has filed cost sheets in opposition to 1,519 firms below the PMLA since January 1, 2019.
