The government has identified a number of steps to curb the blackmoney menace:
1. Setting up of a Special Investigation Team (SIT), chaired and vice-chaired by two former judges of the Supreme Court to look into money stashed abroad
2. Joining the global efforts to combat cross-border global tax evasion and tax fraud, and to promote international tax compliance
3. Taking appropriate legislative measures such as reporting of assets (including bank accounts) kept outside the country
4. Renegotiation of Double Taxation Avoidance Agreements (DTAAs) with other countries to bring the Article on Exchange of Information to International Standards
5. Proactively engaging with foreign governments for exchange of information
The Finance ministry, however, maintained from the start that no such data on blackmoney exists. The details of searches and surveys by the I-T department in the last three years are shown in the following chart.