No official estimate of black money stashed in Swiss banks for last 10 years, says Centre

New Delhi [India], July 26 (ANI): The government has no official estimate of black money stashed in the Swiss Bank for the last 10 years, Minister of State for Finance Pankaj Chaudhary told the Lok Sabha in a written reply on Monday.

He also informed that more than 107 prosecution complaints have been filed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 in the last five years.

The Minister of Finance was responding to a question by Congress MP Vincent Pala.

"As a result of systematic actions, as on May 31, assessment orders under section 10(3)/10(4) of the Black Money Act, 2015 have been passed in 166 cases, wherein demand of Rs 8216 crores has been raised, the undisclosed income of Rs 8,465 crores (approx.) has been brought to tax and penalty of Rs 1294 crores has been levied in HSBC cases, the undisclosed income of Rs 11,010 crores (approx.) has been detected in ICIJ (International Consortium of Investigative Journalists) cases," the reply said.

"In the Panama Papers Leaks cases, undisclosed credits of Rs. 20,078 crores (approx.) have been detected, whereas in the Paradise Papers Leaks cases, undisclosed credits of Rs. 246 crores (approx.) have been detected," it added. (ANI)