Rs 565 crore undisclosed income detected in Swiss bank accounts of Indians

NEW DELHI: Undisclosed income to the tune of Rs 565 crore has been detected in Swiss bank accounts of Indians, the government said today.

"In 219 cases, undisclosed income of Rs 565 crore has been detected and tax of Rs 181 crore realised so far," Minister of State for Finance Namo Narain Meena said in a written reply to the Rajya Sabha.

He was replying to a query on the action taken by the government on the recovery of blackmoney so far after having received the names of Indians who have deposited unaccounted money in Swiss Banks.

He further said the Amending Protocol between India and Switzerland for the existing Double Taxation Avoidance Agreement (DTAA) came into force on October 7, 2011.

Yesterday, while placing the White Paper on black money in Parliament, Finance Minister Pranab Mukherjee had said total liabilities of Swiss banks towards Indians declined by more than Rs 14,000 crore during the 2006-10 period.

The liabilities stood at Rs 9,295 crore at the end of 2010 compared to Rs 23,373 crore in 2006, the White Paper said.

Swiss banks' liabilities towards Indians have been coming down since 2006 and the amount sharply fell to Rs 14,979 crore in 2007, it said.