New Delhi: The strict stand taken by the Central government regarding blackmoney has started yielding good results. Though the outflow of blackmoney still continues, the names of those involved have started surfacing in the open while the process of tax recovery has been started.

Over 9,900 cases of suspicious transactions by Indian citizens from several countries have been discovered and are undergoing investigations. Also, the investigations are being carried out on 31,000 cases of suspicious transactions at the domestic level. 

Finance Minister Pranab Mukherjee presented the complete action plan of the government against blackmoney at the Economic Editors conference here on Wednesday.

Mukherjee said the Directorate of International Taxation has collected taxes of Rs 33,784 crore from people who failed to provide complete details of their cross broader transactions in the last two financial years.

The Directorate of Transfer Pricing has also detected Rs 34,145 crore transacted illegally in last two financial years, he added.

It may be noted that the blackmoney is deposited in foreign banks through import and export and by the process of sending money abroad.

The government is collecting information in this regard from various parts of the world as well as at the domestic level. Moreover, the Financial Intelligence Unit (FIU) has acquired information about 30,700 pieces of information from the banks in the country.

The Central Board of Direct Taxes (CBDT) has discovered disproportionate assets of Rs 18,750 crore in last two fiscals. For the first time, the Union government has disclosed information on such a large scale especially about the money deposited in foreign banks.

Mukherjee said, “After the Double Taxation Avoidance Agreement (DTAA) with France, India received information regarding Indians having bank accounts in foreign banks. In 69 cases, the tax payers have admitted to the unaccounted income of Rs 397.17 crore.”

JPN/Bureau