12 December 2011

Over 30,000 Pieces of Info on Black Money Under I-T scanner

The Financial Intelligence Unit (FIU), under the Finance Ministry, has gathered voluminous data on suspicious transactions, the department informed a global OECD conference held here recently.

Black money hoarders have also disclosed more than 430 crore of unaccounted funds to the I-T department after the government received classified information from various countries on stashed funds under the Double Taxation Avoidance Agreement (DTAA).

Over 30,000 Pieces of Info on Black Money Under I-T scanner


"30,765 pieces of domestic information about suspicious transactions has been obtained by FIU which are under investigation," Director General of I-T Investigations (Delhi) K V Chowdary said while speaking about India's efforts to combat illegal funds in a power-point presentation to global tax sleuths and officials present at the conference.

Chowdary, a senior Indian Revenue Service ( IRS) officer, was the lead speaker on behalf of the Finance Ministry and CBDT for talking on the issue of black money, High Net Worth Individuals (who own assets worth at least 5 crore) and India's efforts to tackle the menace.

"Under DTAA, India received information regarding certain Indians having bank accounts abroad. In 80 cases, the department has detected undisclosed income of 438 crore and taxes of 135 crore realised so far," he said.