Ministry of State for Finance Clarifies Questions Raised in Lok Sabha Regarding Black Money
In a written response to a question raised in the Lok Sabha regarding Black money on Monday, the Ministry of State for Finance Shri Pankaj Chaudhary clarified that there is no estimation of total black money sent abroad.
Here are the questions asked in Lok Sabha:
a. The amount of black money brought back to the country during the last ten years, year-wise; and
b. The total amount of black money taken out from our country during the last ten years, year-wise?
Shri Pankaj Chaudhary replied to the questions that 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. This came into effect on July 1, 2015. She added that 684 disclosures involving undisclosed foreign assets worth Rs 4164 crores were made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from July 1, 2015 to September 30, 2015.
The government collected about Rs 2,476 crore in taxes and penalties from cases of undisclosed foreign income and assets. Up to June 30 2025, a total of 1,087 assessments were completed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, resulting in tax and penalty demands of more than Rs 40,564 crore. Further, from July 1, 2015 to June 30, 2025, the government has been able to actually recover around Rs 339 crores.
She added, “There is no official estimation regarding the amount of undisclosed income taken out from our country during the last ten years.”
