₹71000 Cr Black Money Unearthed

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Tax authorities have unearthed over ₹71,000 crore of undisclosed income and evaded taxes in the last two years.

Enhanced enforcement measures have resulted in unearthing of tax evasion of approximately ₹50,000 crore of indirect taxes and undisclosed income of ₹21,000 crore.

Another ₹3,963 crore worth of smuggled goods was seized, marking a jump of 32% over the last two years.

The tax departments have also launched prosecution in 1,466 cases as against 1,169 cases in the previous two years.

STEPS TAKEN:

Black Money Act has been enacted with strict provisions and many recommendations of the Special Investigation Team led by ex-Supreme Court Judge Justice MB Shah have been implemented.

A new Income Disclosure Scheme has also been formulated for domestic black money in the country that will allow those holding undeclared assets to pay a total tax and penalty of 45% and come clean.

Further, the Prevention of Money-laundering Act has been amended to enable attachment and confiscation of equivalent asset in India where the asset located abroad cannot be forfeited in case of proceeds of crime.

Foreign Exchange Management Act (FEMA), 1999 has also been amended to provide for seizure and confiscation of value equivalent, situated in India, in case any person is found to have acquired any foreign exchange, foreign security or immovable property, situated outside India, in contravention of FEMA.

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