The move is likely to help the government track black money parked by Indians in Belgium - a huge diamond trading hub.
The allocation was part of the budget 2014-15 presented by Finance Minister Arun Jaitely on Thursday.
A special task force which would comprise the Financial Intelligence Wing, enforcement directorate, directorate of Revenue Intelligence and the Income Tax department, has been set up for the purpose.
A total of 635 declarants have filed declarations declaring undisclosed foreign assets worth Rs 4,160 crore.
Use cheques, cards to check black money, says Jaitley.
Noted jurist Ram Jethmalani on Tuesday accused in the Supreme Court the National Democratic Alliance government and the previous United Progressive Alliance dispensation of failure to bring back black money stashed abroad and criticised leaders including Prime Minister Narendra Modi, Bharatiya Janata Party President Amit Shah and Finance Minister Arun Jaitley on the issue.
The e-wallet, virtual cards are often used to play online games.
Replying to a query, whether the government has made any assessment of black money stashed by Indians in foreign countries, Jaitley said there is no official estimation of that.
In its pursuit to unearth black money, the Income Tax Department will probe certain banks and their officials suspected to be helping customers hide illicit funds through multiple accounts.
The order came following an appeal by an RTI applicant who had sought to know the action taken report on the letters written by him to Finance and External Affairs ministries among other public authorities in connection with the illegal wealth stashed abroad.
There were as many as 628 names in the HSBC list.
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India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.
Advocate Prashant Bhushan, who is one of the petitioners in the black money case, makes a case for the revelation of all the names of account holders that the government has submitted to the Supreme Court.
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On the Congress accusing BJP of hypocrisy for its failure to disclose names, Jaitley said the Congress got it all wrong because media "completely misreported" the case.
Yoga guru Ramdev on Sunday announced a fresh agitation against black money and corruption and said he will stage a one-day dharna on June 3 at New Delhi to mark the first anniversary of the police crackdown on his supporters at Ramlila grounds.
A bench headed by Justice B Sudershan Reddy asked the government to make its stand clear on setting up an SIT comprising officers from different departments, including the Enforcement Directorate, the Central Bureau of Investigation and the Income Tax department to look into it.
In its effort to unearth black money stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds which has been detected in foreign shores in the last financial year.
The MoU deals with creation of a useful forum for exchange of views on financial and macro-economic issues. Official sources said the MoU will facilitate dialogue between the tax authorities of the two countries.
Senior Bharatiya Janata Party leader L K Advani has apologised to Congress president Sonia Gandhi for a party-appointed task force report, which had alleged that she and her late husband Rajiv had accounts in Swiss banks.
Reminding the Bharatiya Janata Party government of its poll promise of bringing back black money, Congress general secretary Digvijay Singh on Thursday dared the Centre saying if it has courage it should reveal the name of account holders.
Progress has been painfully slow despite strengthening global information-sharing networks.
Holding out no assurance of an absolute confidentiality to those disclosing foreign assets on their own, the government on Tuesday said details of information provided during the one-time compliance window can be revealed in the public interest.
Only Rs 10,720 crore of the junked currency notes did not return to the banking system, rest 99.9 per cent was deposited raising question mark over the government's effort of curbing black money through the demonetisation.
He challenged political parties to face the polls with the issue.
The Supreme Court of India issued a very unique order on Monday when it directed a Special Investigating Team be set up to monitor the investigation into the issue of black money.
Notification, FAQs likely after FM Jaitley returns from the US
A small change in the Income Tax Act from 'total income' to 'gross total income' can make a big difference in containing black money
Persons making disclosure of unaccounted assets will be given time up to November 30 to pay taxes
No, curbing it requires a radical overhaul of our political structure, but since the executive has failed to act in public interest the court had no other choice but to take matters into its own hands.
In the last Budget, the government had come out with similar compliance window for people holding undisclosed assets abroad.
The Bharatiya Janata Party (BJP) has long spoken of the need to unearth illegal tax-evading accounts held by Indians abroad.
While presenting the Budget on Monday, Finance Minister Pranab Mukherjee, had expressed 'serious concern' over the generation and circulation of black money and said that the government has adopted a five-fold strategy to deal with the menace.
The Central Information Commission has directed the Ministry of External Affairs to disclose details of an ongoing Swiss judicial enquiry against an Indian businessman accused of stashing black money in Swiss accounts.
Amid the threat of yoga guru Baba Ramdev to go on a hunger strike on the issue of black money from June 4, the government on Wednesday said the series of steps taken by it to unearth unaccounted-for wealth have started yielding results.
Activist-turned-politician Arvind Kejriwal's allegations about some Indians having accounts in tax havens abroad gave the Bharatiya Janata Party an opportunity to flag the issue of black money again as the party asked the government to make public all details of such individuals and entities.
A bench headed by Justice B Sudershan Reddy said the issue is not related to one case but is much wider and asked the government to consider setting up an SIT comprising officers from different departments including the Enforcement Directorate, the CBI and the IT to look into it.
Finance Minister Arun Jaitley on Monday said the NDA government has done more work to fish out black money than any other previous government in a short span of two years and all efforts are afoot to book those who have not taken advantage of the disclosure scheme.
However, the exact number of persons contained in the list and the illegal money in the accounts of German banks could not be ascertained immediately.
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