Black money abroad: India has slapped ₹35,105 crore in demands
India has slapped over ₹35,105 crore in tax and penalty demands on undisclosed foreign assets since 2015, but has only managed to recover ₹338 crore so far. Most of these cases are still tied up in appeals.
The government also clarified that the CHF 3.5 billion figure for Indian-linked Swiss deposits in 2024 isn't just "black money"—it covers all sorts of financial activities.
Recovering hidden wealth remains tough
Despite getting offshore account info from Switzerland and 100+ other countries since 2018 to fight tax evasion, actually recovering hidden wealth remains tough—legal battles and tracking down assets take time and resources.
Even a special disclosure window back in 2015 brought in only a fraction of what's owed.
The gap shows how challenging it is to turn big headlines about black money into real results on the ground.