Rs 300 cr in black money unearthed in FY12: Pranab

The Income Tax Department seized Rs 300 crore in black money, including cash and jewellery, during April-October, 2011-12, Parliament was informed today.

The I-T Department has issued 2,190 warrants and seized assets worth Rs 299.63 crore, Finance Minister Pranab Mukherjee said in the Rajya Sabha.

Of the total amount seized, Rs 179.59 crore was in cash, Rs 95.67 crore was jewellery and Rs 24.36 crore was in the form of other assets, he said.

During the 2010-11 fiscal, the I-T Department has seized assets worth Rs 774.98 crore by executing 4,852 warrants, Mukherjee said.

In a separate reply to the Rajya Sabha, Minister of State for Finance S S Palanimanickam said the I-T Department does not doubt the authenticity of information provided by the French government on Indians with bank accounts in Switzerland, but was verifying the data.

"The question of any doubt on the authenticity of the list of bank account holders does not arise as it was received from the government of France. However, information so received is verified in accordance with provisions of the Income Tax Act and necessary action taken to bring to tax any undisclosed income...," Palanimanickam said.

The Minister of State said this in response to a question related to the information received from the French government on the Swiss bank accounts of Indians.

India received information on these accounts from the French government under the Double Taxation Avoidance Convention between the two countries.

He further said, "While handing over the information, the French government has not indicated its source."