NDA has done more work on black money than previous govts: FM

Indian authorities had initiated action against citizens who were holding alleged unaccounted money in LGT Bank in Liechtenstein.

Finance Minister Arun Jaitley on Monday said the NDA government has done more work to fish out black money than any other previous government in a short span of two years and all efforts are afoot to book those who have not taken advantage of the disclosure scheme.

"I challenge any previous government who would not have done even 1 per cent of what we have done in two years," he said.

"We have brought legislation with regard to black money stashed abroad... those who have not taken advantage of the disclosure corridor will regret."

Listing out other efforts of the government, he said Rs 6,500-crore (Rs 65 billion) assessment has been done in the case of HSBC and with regard to Liechtenstein, a tax haven, prosecutions have been launched.

Indian authorities had initiated action against citizens who were holding alleged unaccounted money in LGT Bank in Liechtenstein.

On Panama Papers, he said those who have kept money without permission of RBI may attract legal action.

"As soon was we get information with regard to such cases, we order inquiry," he said.

The government has detected Rs 71,000 crore (Rs 710 billion) tax evasion, the finance minister said.

As much as Rs 50,000 crore (Rs 500 billion) of indirect tax evasion and another Rs 21,000 crore (Rs 210 billion) of undisclosed income has been unearthed by the government in the last two years.

The crackdown on black money has led to seizure of Rs 3,963 crore (Rs 39.63 billion) of smuggled goods in 2 years, a 32 per cent jump over the previous similar period.

Besides, a new income disclosure scheme is formulated for those holding undeclared assets to pay a total tax and penalty of 45 per cent and come clean.

Amendments have been made in the Prevention of Money Laundering Act to enable attachment and confiscation of equivalent asset in India where the asset located abroad cannot be forfeited in the case of proceeds of crime.