FM Announces Restoration of Rs 220 Billion in Properties to Banks

18 Dec 2024 CW Team

Finance Minister Nirmala Sitharaman informed the Lok Sabha that properties valued over Rs 220 billion, seized from economic offenders, have been returned to public sector banks and other legitimate claimants. She also revealed that more than 200,000 taxpayers have declared their foreign assets in their Income Tax Returns this fiscal year. Sitharaman stated that properties belonging to Vijay Mallya, worth Rs 141.31 billion, have been fully restored to public sector banks. In the case of Nirav Modi, properties worth Rs 10.52 billion have been returned to PSBs and private banks, while in the Mehul Choksi case, properties valued at Rs 25.65 billion have been attached and will be auctioned. “We have not spared anyone, even those who fled the country. We have pursued them, and the ED has recovered these funds for the banks,” Sitharaman said during a discussion on the first batch of Supplementary Demands for Grants. On the topic of foreign assets disclosure, she noted that over 200,000 taxpayers have reported their foreign assets for the 2024-25 assessment year, up from just over 60,000 in 2021-22. As of June 30, orders under the Black Money (Undisclosed Foreign Income & Assets) Act, 2015, have been issued in about 697 cases, raising demands exceeding Rs 175.2 billion. Addressing employment, Sitharaman referenced the 2023-24 Annual PLFS report, which showed a decline in the all-India unemployment rate from 6% in 2017-18 to 3.2% in 2023-24. Additionally, the Female Labour Force Participation Rate (FLFPR) has risen steadily, from 24.5% in 2018-19 to 41.7% in 2023-24. (Business Line)

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