The government on Monday said there is no official estimate of the undisclosed wealth held by Indians abroad. This was stated by Union Minister of State for Finance Anurag Thakur in the Lok Sabha on Monday, in response to questions by MPs Kunwar Danish Ali and P.P. Chaudhary. Thakur said as part of the government's drive against black money, undisclosed income of about Rs 8,465 crore has been brought to tax and penalty of Rs 1,294 crore levied in the HSBC cases.

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Undisclosed income of about Rs 11,010 crore has been detected in ICIJ cases, he said, adding, that in the Panama Papers leaks case, undisclosed foreign investments of Rs 1,565 crore have been detected.

In the Paradise Papers leaks case, undisclosed foreign investments of Rs 209 crore have been detected, the minister said.

Demonetisation targeted black money, fake notes

Responding to a separate question, Thakur said the government's move to demonetise Rs 500 and Rs 1,000 currency notes in 2016 was aimed at flushing out black money, eliminating fake currency notes, combating financing of terrorism and Left Wing Extremism, expanding the tax base by converting the non-formal economy to a formal one, generating employment, and to make India a less-cash economy.

He was responding to questions by MPs Deepak Baij and Subbarayan K.

Thakur said Moody's has not downgraded the rating of the Indian economy after 2016.