The Government of India has no official estimates about how much black money has been deposited by Indians in abroad or foreign banks. Replying to a question written in the Lok Sabha, Union Finance Minister Arun Jaitley said this.

Although he said that on the basis of recommendations of the Standing Committee on Finance matters, the Government of India has started a study to estimate such wealth within and outside the country. He said that this study is being done by National Institute of Public Finance and Policy (NIPFP), National Council of Applied Economic Research (NCAER) and National Institute of Financial Management (NIFM).

The government's response to the findings of the reports of these institutions will be kept in front of the Standing Committee on Finance soon. He said that the information of the bank accounts of 628 Indians in HSBC bank accounts in Switzerland was obtained by the Government of India under the Double Taxation Avoidance Agreement (DTAC). The investigation of these cases brought undervalued income of Rs 8,437 crore to May 2017.

It is worth noting that in January 2017, for the exchange of black money, India has made tax agreements with foreign jurisdictions, including 139 countries (including Singapore).

In the last month, Switzerland had sanctioned the arrangement for exchange of information related to financial accounts and suspicious black money with India and 40 other countries. The federal council (cabinet) of Switzerland had stamped the proposal for approval of the global treaty on automatic exchange of tax information (automatic exchange of information). The Government of Switzerland has decided to start this system with information related to the year 2018, that is, the exchange of data will begin in 2019.

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