Black money: India gets 24,000 instances of secret data

In its effort to unearth black money stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds which has been detected in foreign shores in the last financial year.

These cases are now under investigation by the taxman even as the Special Investigation Team (SIT) has set its eye on tracking the outcome of this classified information which has been received from over a dozen countries during the 2013-14 fiscal year.

The bulk of the information on these foreign accounts and statements, with a basic fledgling domestic connect in each of them, has been received from New Zealand, followed by Spain, the United Kingdom, Sweden and Denmark.

According to the data accessed by PTI and provided to the SIT by the Finance Ministry, its special unit designated for the task and placed under CBDT received a total of 24,085 pieces of data under the automatic tax information exchange route, which is also the legal treaty for exchange of data related to tax matters.

Central Board of Direct Taxes (CBDT), which uses Double Taxation Avoidance Agreements (DTAAs) and the Tax Information Exchange Treaties (TIEAs) to obtain such data, has reported to SIT that these figures have increased as compared to last year and are set to “explode” in the future.

“Automatic exchange of tax information is done as per the norms set by OECD,” said the finance ministry report.