Black Money – Domestic and International Efforts

Rs. 8,000 cr. under tax net, says Centre

  1. News: Govt told the Supreme Court that Rs. 8,186 crore kept in unreported foreign bank accounts has been brought under the tax net
  2. The feat was achieved despite restrictions like non-sharing of information by the Swiss authorities
  3. Context: Govt reply comes in towards a PIL petition seeking investigation against Indians holding offshore bank accounts and whose names feature in the Panama papers
  4. Govt has asked the apex court to dismiss the petition
  5. Why? It has already set up a multi-agency group probe involving the CBDT, RBI, Financial Intelligence Unit and ED to ensure speedy and coordinated investigation
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