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The Central Government has raised tax and penalty demands totalling Rs 35,105 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA), but has recovered only Rs 338 crore over nearly a decade, the Finance Ministry informed the Rajya Sabha on Tuesday. In a written reply to a question, Minister of State for Finance Pankaj Chaudhary stated that 1,021 assessments were completed under the black money law as of March 31, 2025, resulting in 163 prosecu
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FAQ :
Under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, tax and penalty demands totalling Rs 35,105 crore have been raised.
As of March 31, 2025, the government has recovered Rs 338 crore against the tax, penalty, and interest demands raised under the Act.
As of March 31, 2025, 1,021 assessments have been completed under the Black Money Act.
The recovery is hampered by legal hurdles, with many tax demands pending in appeals before various judicial and quasi-judicial bodies, as well as complex asset-tracing processes.
During a one-time compliance window in 2015 under the Black Money Act, 684 disclosures of undisclosed foreign assets worth Rs 4,164 crore were made, resulting in the collection of Rs 2,476 crore in taxes and penalties.
India receives detailed financial data from Switzerland and over 100 other jurisdictions under the Automatic Exchange of Information (AEOI) framework, with annual exchanges occurring since 2019.
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