Special I-T dept unit to prove undisclosed foreign assets

A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focused probe in cases of undisclosed assets held by Indians abroad and possession of black money in foreign shores, officials said.

The Foreign Asset Investigation Units (FAIUs) have been recently created in all the 14 investigation directorates of the tax department located in various parts of the country that are primarily tasked to undertake raids and seizures, and develop intelligence to check tax evasion done by various methods.

A total of 69 existing posts in the tax department were “diverted” by the Central Board of Direct Taxes (CBDT) in November last for the creation of this unit after approval from Union Finance Minister Nirmala Sitharaman, a senior officer told.