The issue of black money was once again raised in Parliament, with Samajwadi Party MP Javed Ali Khan questioning the rise in Indian deposits in Swiss banks and the government's action on undisclosed foreign assets. Responding in the Rajya Sabha, the Minister of State for Finance gave a detailed written reply outlining the government’s efforts since the Black Money Act (BMA) came into effect in 2015.

What Was Asked?

MP Javed Ali Khan highlighted data from the Swiss National Bank (SNB) indicating that Indian funds in Swiss banks have tripled, reaching 3.5 billion Swiss francs (approx. ₹37,600 crore) in 2024—the highest since 2021. He also asked for year-wise and country-wise details of black money brought back between 2022 and 2025.

Government’s Response on Swiss Bank Data

The Finance Ministry clarified that the SNB figures reported by the media include not just individual deposits but also money held by Swiss bank branches abroad, inter-bank transactions, and other liabilities. Swiss authorities themselves have advised that SNB’s annual banking data should not be used to analyze Indian citizens’ deposits specifically.

Automatic Exchange of Information (AEOI)

Since 2018, Switzerland has been sharing financial data of Indian account holders annually under the AEOI framework. The first exchange happened in September 2019 and now India receives financial account information from over 100 tax jurisdictions worldwide, helping in the detection of tax evasion.

Action Against Tax Evasion

The government noted that when foreign assets or income go undeclared:

• Action is taken under direct tax laws,

• This includes searches, surveys, assessments, tax demands, penalties, and prosecution in appropriate cases.

Results Under the Black Money Act (BMA), 2015

• 684 disclosures of undeclared foreign assets worth ₹4,164 crore were made during the one-time compliance window (July–September 2015).

• ₹2,476 crore was collected in tax and penalties from these cases.

• As of March 31, 2025:

  • 1,021 assessments were completed,

  • 163 prosecution complaints filed,

  • ₹35,105 crore of total tax demand raised (pending final appeal outcomes),

  • ₹338 crore has been recovered so far in tax, penalty, and interest.