Overview

• Between July 2015 and March 2025, authorities completed 1,021 assessments under the Black Money Act resulting in tax demands of Rs 21,719 crore and penalties of Rs 13,385 crore
• Recoveries have reached only Rs 338 crore over the decade, representing less than one percent of total demands
• A total of 163 prosecution complaints have been lodged under various sections of the Act to pursue legal action against undisclosed foreign holdings
• The finance ministry told Parliament that it does not maintain a country-wise breakdown of tax demands or recoveries linked to undisclosed offshore assets
• Swiss National Bank officials clarified that their annual banking statistics include interbank and wholesale liabilities, rendering them unreliable for estimating Indian residents’ deposits