The Indian government has raised tax and penalty demands worth ₹35,104 crore over the last decade under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, Parliament was informed on Tuesday.
In a written reply to the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said that between July 1, 2015, and March 31, 2025, tax demands worth ₹21,719 crore were raised following assessments under the Act. An additional ₹13,385 crore in penalties was also imposed under various provisions of the same law.
Despite these demands, recoveries have been limited. Only ₹338 crore has been recovered so far against tax, penalty, and interest. The government clarified that recoveries are not tracked by country or type of foreign asset, so specific data on Swiss deposits is not maintained.
Chaudhary also noted that 163 prosecution complaints have been filed under the Act up to March 2025. These investigations are handled on a case-by-case basis by respective tax jurisdictions.
Addressing media reports of increased Indian-linked funds in Swiss banks, the minister said such figures, based on Swiss National Bank (SNB) data, are not a reliable indicator of Indian residents' holdings. Swiss authorities themselves advise against using SNB statistics for analysing such data.
The Black Money Act was introduced in 2015 to curb tax evasion involving overseas assets and ensure transparency in cross-border financial holdings.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]
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India has issued tax and penalty demands totalling ₹35,104 crore under Black Money Act

Govt Raises ₹35,104 Cr in Black Money Tax Demands

India has issued tax and penalty demands totalling ₹35,104 crore under Black Money Act

July 29, 2025 | 15:20 IST