 "Sizeable dip in black money parked abroad, says Jaitley")
Union Finance Minister Arun Jaitley on Sunday said the government's activism against undisclosed money in the past two years had resulted into a sizeable dip in illegal assets stashed abroad.
He also said the action being initiated by G-20 countries, coupled with technological intervention would make it difficult to keep black money both at home and outside the country.
"There is panic among people who hold illegal assets outside the country. If you take from 1947 to 2014, the cumulative effect of all steps taken would not be even a minuscule percentage of what the government has done in the past two years," Jaitley said.
He said the government's collective efforts, including making available a compliance window for black money and taking action based on the HSBC, International Consortium of Investigative Journalists (ICIJ) and Panama Papers disclosures, have helped in bringing back the illegal wealth stashed abroad, with many even facing trial.
Jaitley added, "We first took steps to provide a chance to those who keep the country's assets abroad, to bring it back home and pay. Information about HSBC accounts has been assessed and people are being prosecuted....Around Rs 8,000 crore has been detected. Next, ICIJ made a big disclosure in which Indians were found putting abroad Rs 5,000 crore. Many will be prosecuted."
Now, the Panama papers are being revealed, on the basis of which those who have kept illegal assets can be prosecuted with the new law," he said.
He also said the action being initiated by G-20 countries, coupled with technological intervention would make it difficult to keep black money both at home and outside the country.
"There is panic among people who hold illegal assets outside the country. If you take from 1947 to 2014, the cumulative effect of all steps taken would not be even a minuscule percentage of what the government has done in the past two years," Jaitley said.
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He was speaking at a programme here to sensitise people on the Income Declaration Scheme (IDS), whereby evaders have an opportunity to disclose their unaccounted income and pay 45 per cent of it, applicable till September 30.
He said the government's collective efforts, including making available a compliance window for black money and taking action based on the HSBC, International Consortium of Investigative Journalists (ICIJ) and Panama Papers disclosures, have helped in bringing back the illegal wealth stashed abroad, with many even facing trial.
Jaitley added, "We first took steps to provide a chance to those who keep the country's assets abroad, to bring it back home and pay. Information about HSBC accounts has been assessed and people are being prosecuted....Around Rs 8,000 crore has been detected. Next, ICIJ made a big disclosure in which Indians were found putting abroad Rs 5,000 crore. Many will be prosecuted."
Now, the Panama papers are being revealed, on the basis of which those who have kept illegal assets can be prosecuted with the new law," he said.