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IT Dept. Identifies Rs. 19,000 cr Black Money in HSBC Cases
July 31, 2017
Investigating the global leaks including the HSBC account holders in Switzerland, the Income Tax Department has identified Rs. 19,000 of black money.
Finance Minister Arun Jaitley said that about 700 individuals have been found to be involved in offshore entities based on low tax or no tax jurisdiction. He also said that 72 complaints regarding the cases have been filed in criminal courts.
In April 2016, the government had set up a multi-agency group (MAG) to facilitate the investigations of black money. It helped to identify Rs. 8,437 crore of black money till May 2017.
