Minister of State for Finance Pankaj Chaudhary on July 22, 2025 (Tuesday) informed the Parliament that the government has raised tax and penalty demand of over Rs 35,105 crore and filed 163 prosecution complaints till March 31, 2025. According to the minister, the government has taken these actions under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The minister said that, ““From July 1, 2015 to March 31, 2025, recovery to the tune of ₹338 crore has been made against tax, penalty, and interest demand raised under the Act.”
How many assessments have been completed?
In a written reply to Rajya Sabha, Mr Chaudhary wrote that till March 31, 2025, 1,021 assessments have been completed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The minister added that India receives information about foreign assets and income from over 100 foreign tax jurisdictions.
What is the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
The aim of this act is to curb the tax evasion related to the undisclosed foreign income and assets. Both houses of parliament had passed this bill and it received the assent of the President on May 26, 2015. This act came into force on July 1, 2015.
Government responds on the black money growth allegations in Swiss banks
A Swiss National Bank report suggested that the Indian money in Swiss banks had grown over three times in 2024 to Rs 37,600 crore, after declining by 71 per cent in the previous year. However, according to the Minister of State for Finance Pankaj Chaudhary, Swiss authorities have clarified that the SNB annual banking statistics should not be used for analysing deposits held by residents of India in Switzerland.
