Press Information Bureau
Government of India
Ministry of Finance
Government takes various steps in last two years to curb the menace of Black Money both within and outside the country.
The present Government has taken various decisions and steps to curb the menace of black money both within and outside the country in last two years. Some of the major decisions and actions taken in this regard are given below:
1. Sustained steps taken for curbing black money:-
(a) A new Black Money Act has been enacted with strict penalty provisions.
(b) Special Investigation Team has been constituted which is chaired by ex-Supreme Court Judge Justice M.B. Shah vide notification dated 29th May, 2014. Many recommendations of SIT have been implemented since then.
(c) A new Income Disclosure Scheme is formulated for domestic black money.
(d) Enhanced enforcement measures have resulted in un-earthing of tax evasion of approximately Rs 50,000 Crore of indirect taxes and undisclosed income of Rs 21,000 Crore (Prov.). The value of goods seized on account of smuggling activities has increased to Rs 3,963 Crore in the last two years (32% increase over corresponding two previous years).
(e) Prosecution has been launched in 1466 cases as against 1169 cases in the previous two years (25% increase).
2. Amendments made in Prevention of Money-laundering Act, 2002, vide Finance Act, 2015 :
3. Recent Notification under PMLA
In connection with risk mitigation in DNFBP Sector, Revenue Department has taken some steps, which are described as below:
4. Foreign Exchange Management Act (FEMA), 1999 has been amended vide Finance Act, 2015. The amendments provide for seizure and confiscation of value equivalent, situated in India, in case any person is found to have acquired any foreign exchange, foreign security or immovable property, situated outside India, in contravention of Section 4 of FEMA.