Black Money Act: Govt Raises Rs 35,105 Crore in Tax Demands, Recovers Only Rs 338 Crore

The government has revealed that while tax demands under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act amounted to ₹35,105 crore, only ₹338 crore has been recovered so far. This substantial gap highlights challenges in effectively retrieving illicit wealth stashed abroad. The Black Money Act, enacted in 2015, aims to curb tax evasion by targeting undisclosed foreign income and assets, imposing stringent penalties and criminal prosecution. Despite the large demand raised, the low recovery rate suggests complexities in enforcement, international cooperation, or litigation delays in bringing these cases to a conclusive end.