In its effort to unearth blackmoney stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds in the last financial year.These cases are now under investigation by the tax man. Special Investigation Team, SIT on black money has set its eye on tracking the outcome of this classified information which has been received from over a dozen countries during 2013-14 fiscal. The bulk of the information has been received from New Zealand, followed by Spain, the United Kingdom, Sweden and Denmark.

According to the data provided to the SIT by the Finance Ministry, a total of 24,085 pieces of data was received under the automatic tax information exchange route. Central Board of Direct Taxes, which uses Double Taxation Avoidance Agreements and the Tax Information Exchange Treaties to obtain such data, has reported to SIT that these figures have increased as compared to last year and are set to explode in the future.