Despite several official efforts to trace and recover black money India has not registered any major success, and investigation agencies are still struggling to estimate how much Indian wealth is parked in tax havens. While the Panama papers bring out yet another list of India's rich and influential who have parked money in tax havens, officials are grapping to find credible ways to verify a new estimate showing that over $505 billion (approximately Rs. 33,83,500 crore) has left India during the 2004-13 period.
Justice M.B. Shah, chairman of the SIT on black money, told The Media, “Lot of things have been done, but it cannot be seen easily." As an example, he pointed out that new restrictions are in place to control misuse of export-import facilities. Strict implementation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 could lead better results, the former Supreme Court judge said.