More than 35,000 tax Ruras imposed under the Black Finance Law; 338 rupees have been recovered since 2015

The Center has clarified its efforts and achievements in recovering black funds from abroad under the Black Finance Law (BMA), 2015. As of March 31, 2025, the Ministry of Income Tax has completed 1021 rating under the BMA Council, which led to the imposition of taxes and miniments that exceed 35,105 rupees. This development comes amid continuous discussions on Indian deposits in Swiss banks, which has been a controversial topic recently.

The Minister of State at the Ministry of Finance, Banakaj Chaudhry, delivered a letter to Parliament on this issue, citing the media reports of the Swiss authorities. “There are some media reports based on the statistics of the Swiss National Bank (SNB), which states that the money related to the Indians in the Swiss banks increased in 2024 compared to the amount of the previous year,” Chuoderi said. He also stated that the Swiss authorities indicated that these statistics include various financial numbers and should not be used to analyze individual deposits in the Swiss banks that the Indian population maintains. This clarification is crucial because it prevents the misplaced data, which ensures that the public understands the complexity of these statistics.

Under the automatic exchange of information exchange (AEOI), India has received financial information annually from Switzerland since 2018. The Stock Exchange aims to define unannounced foreign assets and income, allowing the Indian government to take measures against tax evasion. In conjunction with information from more than 100 foreign tax states, this system allows the income tax management to perform inquiries, search and assessments, and to impose taxes and penalties. This comprehensive framework enhances India’s ability to combat tax evasion on a global scale.

The government made great progress through BMA, as it regained 4,164 rupees during the 2015 compliance window, which was recovered 2,476 rupees in taxes and penalties. In addition, 338 rupees were recovered as a tax, penalty, or benefit from March 2025, with 163 complaints of the claim. These efforts offer the government’s commitment to address the issue of black funds effectively.

Despite the high Indian deposits reported by SNB, the government emphasizes that the presence of accounts in Switzerland is not illegal by nature, provided that money is announced and taxes are paid.

“Media reports also indicate that, according to the Swiss authorities, data related to SNB statistics, among them, include the amounts due in relation to customer deposits (including in foreign branches of Swiss banks in any country) and other obligations as well as the amounts resulting from banks, and that the Swiss authorities have made it clear that the annual banking services statistics SNB should not be used For analyzes that Deposizza consider, repeat the chaosary.

The focus remains on unanimous or illegal wealth, with the ongoing efforts to monitor and trial whenever necessary. Government alertness in these matters confirms its dedication to maintaining financial integrity and transparency.