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29/07/22 13:31 PM IST

Multi-Agency Group for investigation of Foreign Asset Cases (MAGIFAC)

In News 
  • Indian Government has set up a “Multi-Agency Group for investigation of Foreign Asset Cases”. The Group comprises of representatives from various enforcement Agencies and Organizations. 
MAGIFAC
  • It will involve in the investigation of various categories of foreign asset cases such as Paradise paper leaks, Panama paper leaks, and Pandora paper leaks.
  • No official estimate has been there with the government, regarding the money deposited by Indian citizens and companies in Swiss banks.
  • As per media reports, Indian funds in Swiss Banks have increased in 2021, against the 2020.
  • These deposits do not indicate the quantum of black money, which is held by Indians in the Swiss Bank.
  • In the recent times, Government of India has taken several proactive measures to tax the undisclosed foreign assets and income;
  • In HSBC Case, government has brought over 8468 crore rupees to tax. It has also imposed penalty of over 1294 crore rupees.
  • Assessments has been completed in 368 cases, in accordance with Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. This accounted for tax demand of more than 14,820 crore rupees.
Source- Indian Express 

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