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India collects around $10 billion of black money in 4-month amnesty window

The stated figure could go up once all the declarations are filed online and manually compiled. (Image courtesy: pixabay.com) Photograph: (Others)

New Delhi, India Oct 01, 2016, 11.15 AM (IST)

Indians have disclosed at least Rs 65,250 crore (roughly $10 billion) of undiclosed assets in the last four months, India's finance minister Arun Jaitley said on Saturday. 

Jaitley said 64,275 people disclosed their hidden assets during a four-month tax evasion amnesty period provided by the Indian government.

The collections declared might increase once the online and manual filings of undisclosed assets are compiled by September 30.

The Indian government will receive 45 per cent of the declared amount in taxes and penalties. The amount roughly comes to Rs 29,362 crore.

People who have declared their hidden assets will have time till September 30, 2017, to pay their taxes and penalties.

The Narendra Modi administration had provided a one-time chance for people to declare their hidden assets.

Under the Income Declaration Scheme (IDS), a tax compliance scheme that started on June 1, the Indian government had urged people to "come clean" in order to avoid "scrutiny and enquiry". 

The money collected by the government will be put in the Consolidated Fund of India, Jaitley said, adding that the tax kitty will be spent for public welfare.

The declarants' identity will not be revealed, the finance minister said.  

This year's black money haul has seen a quantum jump from the previous year. Last year, under a similar amnesty, the government had managed to collect only Rs 2,428 crore ($364 million).

(WION) 

 

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