28/11/22

INDIA: I-T wing's turns focus to offshore payments by Indian companies.

As published on deccanherald.com, Monday 28 November, 2022.

Investigative agencies are now turning their attention to companies as the search for black money stashed overseas continues.

Notices have been sent to local companies and some listed, as per an Economic Times report.

Earlier enquiries carried out by the Foreign Asset Investigation Unit (FAIU), a wing of the Income Tax (I-T), a wing of the Income Tax, focused on the undisclosed assets held abroad by Indians and black money stashed abroad.

The report added that details about undisclosed assets of promoters and their relatives and aides, obtained from data leaks or details shared by other jurisdictions, have been the basis for invocation of the I-T Act and the Black Money Act.

About eight companies in Mumbai have received notices from FAIU Delhi.

FAIU Delhi has asked some of the companies to share details like their "association with any foreign entity", details of all bank accounts, and information on directors.