The Centre has said that while tax authorities have raised over Rs 40,564 crore in tax and penalty demands on undisclosed foreign assets under the Black Money Act over the past decade, there is no official estimate of how much black money may have left India during this period.
Replying to a question on black money brought back to the country, Minister of State for Finance Pankaj Chaudhary said the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) Act, 2015 (BMA) do not use the expression “black money”, but the enforcement data under the BMA provides insight into action taken so far.
One Lok Sabha member, Mala Roy, sought to know from the government how much black money was brought back to the country during the last ten years, year-wise; and also the total amount of black money taken out from our country during the period.
In response, the minister said, “There is no expression as ‘black money’ in the Income Tax Act, 1961 or in the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 came into force on 1st July 2015.”
684 disclosures, Rs 2,476 crore collected in the 2015 compliance window
According to the minister’s reply, when the BMA came into effect, the government had opened a one-time, three-month compliance window in 2015. During this period, 684 disclosures of undisclosed foreign assets were made, amounting to Rs 4,164 crore.
Rs 2,476 crore was collected as tax and penalty
Since then, till 30 June 2025, tax authorities have completed 1,087 assessments, raising tax and penalty demands of over Rs 40,564 crore under the BMA. Actual recovery so far stands at around Rs 339 crore.
The minister clarified that recoveries rise only after all appeals are settled in higher courts.
No official estimate of money taken out of India
To the question on how much black money was taken out of the country in the last ten years, the government said it has no official estimation. Tracking such outflows, officials have repeatedly said, remains difficult without concrete disclosures or information-sharing channels.
Swiss bank deposits cannot be equated with black money, govt reiterates
In the Monsoon Session of Parliament in July this year, a similar question on Indians’ deposits in Swiss banks was raised.
The government at that time clarified that data released by the Swiss National Bank (SNB) is not an indicator of black money held by Indian residents, and that the figures are often misinterpreted.
As reported earlier in July in coverage on the surge in reported Swiss deposits, Swiss authorities had explained that SNB statistics include interbank positions, business liabilities, deposits held in branches of Swiss banks located outside Switzerland, and funds that may not belong to residents of India at all.
Back then, the government had said it was incorrect to assume that the reported rise — around Rs 37,600 crore in 2024 — represented illicit Indian wealth. The same stance has now been reiterated in Parliament.
AEOI data helping India track offshore accounts
The minister also highlighted that since 2018, Switzerland has been sharing detailed financial information on Indian residents under the Automatic Exchange of Information (AEOI) framework.
India now receives this data every year, starting from the first tranche in September 2019. Similar information-sharing arrangements with over 100 foreign jurisdictions have strengthened India’s ability to detect offshore tax evasion.
On receiving actionable information, the Income Tax Department initiates assessments, recovery proceedings, and criminal prosecution where necessary.