France provides information about Rs 400 crore of black money

Indian Finance minister, Pranab Mukherjee has said on Wednesday that the FRech Authorities have provided information about unaccounted money amounting to Rs 400 crore in nearly 69 overseas accounts of Indians.

The authorities have also recovered Rs 30 crore in taxes from the account holders. The Finance minister said that the government could get the information from the French government due to the Double Taxation Avoidance Agreement (DTAA) signed between the two countries.

Mukherjee also aid that the government’s effort to trace black money in different contraries are bringing results. He informed economic editors that specific requests in 333 cases have already been made to get information from foreign authorities.

"Over 9,900 pieces of information regarding suspicious transactions by Indian citizens from several countries have been obtained which are now under different stages of processing and investigation," he added.

Different Indian agencies are also investigating 30,700 suspicious domestic transactions. The Income Tax department has been able to identify pricing of Rs 34,000 crore in the last two years and have thus prevented the outflow of this amount to other countries. The department also succeeded in detecting concealed income of Rs 18,750 crore during the last two years.