Government today said that it has taken various steps in last two years to curb the menace of black money both within and outside the country. Finance Ministry in a statement said, a new Black Money Act has been enacted with strict penalty provisions. A Special Investigation Team, SIT was constituted in 2014 and many of its recommendations have been implemented. Enhanced enforcement measures have resulted in un-earthing of tax evasion of approximately 50,000 crore rupees of indirect taxes and undisclosed income of 21,000 crore rupees, it claimed.
The statement said, amendments have been made in Prevention of Money-laundering Act, 2002. Definition of proceeds of crime under this Act has been amended to enable attachment and confiscation of equivalent asset in India where the asset located abroad cannot be forfeited.
Foreign Exchange Management Act (FEMA), 1999 has also been amended. 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.