Last year, during the 90-day compliance window that ended on September 30, the government had received disclosures of undeclared overseas wealth totalling Rs 4,147 crores. "With G20 initiatives, FATCA and bilateral transactions in place with effect from 2017, the world is going to be a far more transparent institution and therefore this kind of an adventurism will prove to be extremely costly for those who have indulged in it,” said Mr Jaitley. Today when I see contrarian reports appearing (in the media), which are not only impacting India. 

He said global initiatives to deal with the menace of unaccounted wealth abroad will be in place by 2017, and then it would become extremely difficult for individuals to hide assets. but probably some didn’t... which are impacting the rest of the world.He said in the past too, based on investigative journalism by ICIJ in 2013, in which the links of 700 Indians were shown to have business connections with offshore entities, the department of revenue was able to identify 434 among them as Indian residents. "Out of the list, 569 persons have been traced.Based on prosecution complaints of predicate offences, the ED has also initiated investigations in 23 HSBC cases and 20 cases of the ICIJ expose of 2013, he added. Mr Jaitley said he expected more names to crop up over the next few days.

500 Indian names on list; Jaitley warns ‘adventurism will be costly’ Prime Minister Narendra Modi. Although, in the previous report of the ICIJ, information relating to financial transactions/ bank accounts was not available, government authorities have aluminum Telescopic ladder detected credit in the undisclosed foreign accounts of such Indian persons in excess of Rs 2,000 crores. 52 prosecution complaints under the provision of the Income-Tax Act have been filed against offenders so far,” added Mr Jaitley. "Some 184 persons out of these have also admitted their relationship with such offshore entities/transactions.. Of the remaining cases, assessments had been completed in 390 cases, in which undisclosed income of Rs 5,018 crores and tax demands of Rs 4,584 crores had been raised. Out of the 628, 214 were found not actionable on account of no balance or being non-residents or being non-traceable,” the finance minister said.He said similarly, in response to information received in 2011 from France relating to bank accounts of 628 Indian persons in HSBC, Switzerland, a lot of progress had been made in the investigation.

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