Black Money Act: Income-Tax department initiates action in 13 new cases

Undisclosed foreign assets and funds worth Rs 3.5 billion detected; these are separate entities from those featured in Panama Leaks and Paradise Papers

The Income-Tax department has initiated action in 13 cases related to undisclosed offshore income stashed abroad, under the new anti-black money Act, an official source said. 

Undisclosed foreign assets and funds worth Rs 3.5 billion, which were being parked in foreign countries, have been detected and the tax department is pursuing these cases under provisions of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. These are separate entities than those featured in various global leaks, such as Panama Leaks and Paradise Papers, which are also being probed under the Act. Of the 13 cases, the