While presenting the Union Budget in 2015, the then Finance Minister announced, that in order to evade taxes in India some people had stashed away their money outside India (which is commonly referred.
A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad and possession of black money in foreign shores, officials said. The Foreign Asset Investigation Units (FAIUs) have been recently created in all the 14 investigation directorates of the tax department located in various parts of the country that are primarily tasked to undertake raids and seizures, and develop intelligence to check tax evasion done by various methods. A total of 69 existing posts in the tax department were diverted by the Central Board of Direct Taxes (CBDT) in November last for the creation of this unit after approval from Union Finance Minister Nirmala Sitharaman, a senior officer told PTI.