The Income Tax department of India has unearthed undisclosed income of Rs 563.78 billion during search operations conducted over two years time and seized cash of about Rs 20 billion.

Giving details of the steps taken by the government since coming to power in May 2014, Finance Minister Arun Jaitley said with IT upgradation the CBDT has been able to recover Rs 160 billion from non-filers of tax returns.

Also the government had constituted a Special Investigation Team (SIT) on black money and have been implementing its recommendations, including mandatory PAN quoting for transaction above a certain threshold.

Jaitley said the government is taking steps to deal with the names that have appeared in the Panama Papers as well as the HSBC list. "In Panama cases, 250 references have been given to other countries and investigation is progressing in good pace. People who figured in the HSBC list, about Rs 80 billion assessment have been completed. 164 prosecutions have been filed," he said.

The names which ICIJ had released, in that about Rs 50 billion detection has happened and 55 cases prosecution have been filed. Earlier this year, the Panama Papers leaks named 500 people including film actors and industrialists who have allegedly stashed money in offshore entities. Besides, in 2013 the International Consortium of Investigative Journalists had published a list of 700 persons having offshore accounts. 



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