Total foreign remittances unearthed: Rs 1.29 lakh crore by Income Tax Department
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I-T unearths Rs 1.29 lakh cr foreign remittances
The Income Tax Department has unearthed foreign remittances worth Rs 1.29 lakh crore during a tax probe. Singapore, UAE, Hong Kong, Mauritius, and China accounted for 72.3% of total remittances, with Singapore being the largest destination at Rs 41,885 crore. This highlights potential tax evasion and money laundering risks, making it significant for economy and governance sections in competitive exams.
Source: Economic Times. This summary and analysis are AI-written from that report and are not individually fact-checked — confirm names, dates and figures with the source before you rely on them.
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Top 5 destinations account for 72.3%: Singapore, UAE, Hong Kong, Mauritius, China
Singapore largest recipient: Rs 41,885 crore
UAE received Rs 18,331 crore; Hong Kong received Rs 18,064 crore
Probe indicates potential tax evasion and illicit financial flows
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