In a written response to an unstarred question in the Lok Sabha on Monday, the Ministry of Finance stated that there is no official estimation of the amount of undisclosed income taken out of India over the last ten years. 

The clarification was issued by Minister of State for Finance Shri Pankaj Chaudhary in reply to a question raised by MP Smt. Mala Roy regarding black money inflows and outflows between 2015 and 2025.

The Minister explained that the Income Tax Act, 1961 does not use the term “black money,” nor does the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 define it. Instead, the legal framework deals specifically with undisclosed foreign income and assets.

684 disclosures worth ₹4,164 crore under one-time compliance window

According to the reply, the Black Money Act came into force on 1 July 2015. During the one-time compliance window between 1 July and 30 September 2015, the government received 684 disclosures involving undisclosed foreign assets worth ₹4,164 crore. The amount collected as tax and penalty from these disclosures totalled ₹2,476 crore.

The Minister further informed the House that from 2015 to 30 June 2025, income-tax authorities completed 1,087 assessments under the Black Money Act, resulting in tax and penalty demands amounting to ₹40,564 crore. Between July 2015 and June 2025, the government also recovered ₹339 crore against such demands.

No year-wise data on inflow; no estimate for outflow

While the government provided figures related to disclosures and assessments under the Black Money Act, the Minister clarified that there is no expression or separate data category termed “black money brought back” maintained by the department.

More significantly, the reply stated unequivocally that “there is no official estimation regarding the amount of undisclosed income taken out from our country during last ten years.”

Context and backdrop

The issue of black money—particularly offshore assets and illicit financial flows—has long been a matter of public concern and political debate. The Black Money Act of 2015 was enacted to address undisclosed foreign income and assets and impose stringent penalties, including tax at 30% and penalties up to 90%.

However, the latest parliamentary response highlights persistent gaps in quantifying the scale of illicit outflows. While the Act provides a mechanism to penalise undisclosed foreign assets, there is still no consolidated or authoritative estimate of black money held abroad or money leaving the country illegally.

Implications

The admission that no official estimate exists for outward illicit flows over a decade raises questions about the challenges in tracking undisclosed offshore transactions, data limitations across jurisdictions, and the complex nature of global financial opacity.

At the same time, the disclosures and recovery figures reported under the Black Money Act indicate that enforcement efforts have yielded measurable results, even as the broader magnitude of the problem remains uncertain.

The issue is expected to continue drawing parliamentary and public attention, especially in light of global debates on tax havens, beneficial ownership transparency, and information-sharing frameworks.

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