Ministry of Finance

Posted On: 01 FEB 2019 1:22PM by PIB Delhi

The anti-black money measures taken by the Government during the last four and half years in the form of Black Money Law, the Fugitive Criminal Offenders Act, and Demonetisation, have brought undisclosed income of about ₹ 1,30,000 crore to tax. These measures have also led to seizure and attachment of assets worth approximately ₹ 50,000 crore, and compelled holders of large cash currency to disclose their source of earnings.

While presenting the Interim Budget 2019-20 in Parliament today the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal said, “Our Government is committed to eliminating the ills of black money from our country.”

During this period, Benami assets worth  ₹ 6,900 crore and foreign assets worth ₹ 1,600 crore have been attached. As many as 3,38,000 shell companies have been detected and de-registered, and their directors disqualified.

The Minister said that there is 18% growth in direct tax collection in 2017-18 and increase in tax base by as many as 1.06 crore people filing income tax returns for the first time in FY 2017-18 is mainly on account of demonetization.

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GG/DSM/RM/NK

Anti-black money measures increased tax compliance and asset attachments, significantly expanding the income-tax base and enforcement reach. Anti-black money measures enacted via the Black Money law, the Fugitive Criminal Offenders Act and demonetisation led to taxation of undisclosed income, seizures and attachments of domestic and foreign assets, attachment of benami assets, detection and de-registration of numerous shell companies with director disqualifications, and a notable increase in direct tax collections and first-time income-tax filers attributed mainly to demonetisation.