Govt overdrive to check black money yielding results

Amid the threat of Yoga Guru Baba Ramdev to go on hunger strike on the issue of black money from June 4, the government today said the series of steps taken by it to unearth unaccounted wealth have started yielding results.

The income tax department, sources said, has detected unaccounted income of Rs 18,750 crore in the last two financial years and collected an additional Rs 22,697 crore as taxes by stepping up vigil on cross border transactions.

Besides, they added, the government detected mis-pricing of goods to the tune of Rs 33,784 crore in the last two years.

Called as transfer pricing in tax parlance, the mis-pricing has emerged as the main method of transferring illicit funds outside the country.

The success achieved in checking the menace of black money, sources said, can be attributed to the focused strategy adopted by the Finance Ministry. (PTI)