The Centre has clarified its efforts and achievements in recovering black cash from overseas beneath the Black Cash Act (BMA), 2015. As of March 31, 2025, the Revenue Tax Division has accomplished 1,021 assessments beneath the BMA, ensuing within the levying of tax and penalties amounting to over Rs 35,105 crore. This improvement comes amidst ongoing discussions concerning Indian deposits in Swiss banks, which have been a controversial matter in latest occasions.
Minister of State within the Ministry of Finance, Pankaj Chaudhary, addressed the Parliament on the matter, citing media reviews and clarifications from Swiss authorities. “There are some media reviews primarily based on Swiss Nationwide Financial institution (SNB) statistics which point out that Indian-linked funds in Swiss banks have risen in 2024 as in comparison with the earlier 12 months’s quantity,” said Chaudhary. He additionally talked about that Swiss authorities clarified that these statistics embody varied monetary figures and shouldn’t be used to analyse particular person deposits in Swiss banks held by Indian residents. This clarification is essential because it prevents misinterpretation of the information, guaranteeing that the general public understands the complexity behind such statistics.
Below the Automated Alternate of Data (AEOI) framework, India has been receiving monetary data yearly from Switzerland since 2018. The change goals to determine undisclosed international property and revenue, enabling the Indian authorities to take motion towards tax evasion. Along side data from over 100 international tax jurisdictions, this technique permits the Revenue Tax Division to carry out inquiries, searches, assessments, and implement the restoration of taxes and penalties. This complete framework strengthens India’s capacity to fight tax evasion on a worldwide scale.
The federal government has made vital progress by way of the BMA, recovering undisclosed international property value Rs 4,164 crore throughout a compliance window in 2015, on which Rs 2,476 crore in tax and penalties have been recovered. As well as, Rs 338 crore has been recovered as tax, penalty, or curiosity as of March 2025, with 163 prosecution complaints filed. These efforts showcase the federal government’s dedication to addressing the difficulty of black cash successfully.
Regardless of the rise in Indian deposits reported by SNB, the federal government stresses that having accounts in Switzerland will not be inherently unlawful, offered the funds are declared and taxes paid.
“The media reviews additionally point out that, as per Swiss authorities, the information in respect of SNB statistics consists of, inter alia, quantities due in respect of buyer deposits (together with in international branches of Swiss banks positioned in any nation) and different liabilities in addition to quantities as a result of banks, and that the Swiss authorities have clarified that the SNB annual banking statistics shouldn’t be used for analysing deposits held by residents of India in Switzerland,” Chaudhary reiterated.
The main target stays on undisclosed or unlawful wealth, with ongoing efforts to watch and prosecute every time vital. The federal government’s vigilance in these issues underscores its dedication to sustaining monetary integrity and transparency.
