Switzerland today ratified automatic exchange of financial account information (AEOI) with India and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money, even as it sought strict adherence to confidentiality and data security.

Adopting the dispatch on introduction of the AEOI, a global convention for automatic information exchange on tax matters, the Swiss Federal Council said the implementation is planned for 2018 and the first set of data should be exchanged in 2019.

The council, which is the top governing body of the European nation, will soon notify the Indian government about the exact date from which the automatic exchange would begin.

As per the draft notification approved by the council in its meeting today, the decision is not subject to any referendum &mdash; which means there should be no further procedural delay in its implementation.

The issue of black money has been a matter of great debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by Indians.

Today&rsquo;s decision follows hectic parleys between India and Switzerland for introduction of the AEOI (Automatic Exchange of Information) on tax matters under the guidance of G20, OECD and other global organisations.

The council said the proposal to introduce AEOI with India and others &ldquo;met with widespread approval from the interested parties who voiced their opinions in the consultations&ldquo;.

&ldquo;In concrete terms, the AEOI will be activated with each individual state or territory by means of a specific federal decree within the framework of this dispatch,&rdquo; it added.

The exchange of information itself will be carried out based on the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information, which in turn is based on the international standard for the exchange of information developed by the Organisation for Economic Co-operation and Development (OECD).

The council said it will prepare a situation report before the first exchange of data, which is planned for autumn 2019.

&ldquo;In the process, it will be checked whether the states and territories concerned effectively meet the requirements under the standard, especially those concerning confidentiality and data security.

&ldquo;It is important for the Federal Council that a level playing field be created among states and that all major financial centres, in particular, be included. This year, Switzerland has introduced the AEOI with 38 states and territories, including all EU member states, and data will start to be exchanged with them in 2018,&rdquo; it added. 
&nbsp;

The Swiss Federal Council said the implementation is planned for 2018 and the first set of data should be exchanged in 2019

Switzerland today ratified automatic exchange of financial account information (AEOI) with India and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money, even as it sought strict adherence to confidentiality and data security. Adopting the dispatch on introduction of the AEOI, a global convention for automatic information exchange on tax matters, the Swiss Federal Council said the implementation is planned for 2018 and the first set of data should be exchanged in 2019. The council, which is the top governing body of the European nation, will soon notify the Indian government about the exact date from which the automatic exchange would begin. As per the draft notification approved by the council in its meeting today, the decision is not subject to any referendum — which means there should be no further procedural delay in its implementation. The issue of black money has been a matter of great debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by Indians. Today’s decision follows hectic parleys between India and Switzerland for introduction of the AEOI (Automatic Exchange of Information) on tax matters under the guidance of G20, OECD and other global organisations. The council said the proposal to introduce AEOI with India and others “met with widespread approval from the interested parties who voiced their opinions in the consultations“. “In concrete terms, the AEOI will be activated with each individual state or territory by means of a specific federal decree within the framework of this dispatch,” it added. The exchange of information itself will be carried out based on the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information, which in turn is based on the international standard for the exchange of information developed by the Organisation for Economic Co-operation and Development (OECD). The council said it will prepare a situation report before the first exchange of data, which is planned for autumn 2019. “In the process, it will be checked whether the states and territories concerned effectively meet the requirements under the standard, especially those concerning confidentiality and data security. “It is important for the Federal Council that a level playing field be created among states and that all major financial centres, in particular, be included. This year, Switzerland has introduced the AEOI with 38 states and territories, including all EU member states, and data will start to be exchanged with them in 2018,” it added.

Black money: Switzerland ratifies automatic exchange of financial information with India

Despite the Indian government&#39;s pledge to increase transparency,&nbsp;they are&nbsp;aiming to enshrine a law&nbsp;that will make corporate funding to political parties more difficult to track.

Currently, corporations&nbsp;that give money to&nbsp;political parties must publicly&nbsp;divulge who&nbsp;they fund. But the Finance Bill&#39;s proposed change, tabled by the Indian government&nbsp;February during the annual budget session, will no longer require&nbsp;businesses to do so.&nbsp;

The Finance Bill was passed in the Lok Sabha on March 22 amid mass walkouts by opposition parties.&nbsp;

Under the proposed alterations to the Companies Act, political parties in power can more easily&nbsp;leverage the granting of contracts to interested parties. It will also be difficult to prove that an auction has taken place at all, making it possible for the government to award contracts without proving that any competitive process has taken place to earn the job.

The Finance Bill has been assailed by opposition parties as being the outcome of a unilateral process.

Money bill

Another controversial change in the proposed law&nbsp;is&nbsp;the &quot;money bill&quot;. If the new legislation is enacted, the &quot;money bill&quot;&nbsp;will bypass the Upper House, also known as the Rajya Sabha, and will go directly from the Lower House, or the Lok Sabha, to the President of India.

This legislation has been particularly&nbsp;criticised by the opposition for&nbsp;strengthening the ruling Bharatiya Janata Party as its presence isn&#39;t particularly strong in the Rajya Sabha.

But the upside of the mini-sweep has been the government&#39;s decision to roll out electoral bonds. Business houses&nbsp;will be incentivised to make political donations through digital payments and cheques to make the process of donations more transparent.

Aadhar card

The other big change announced on March 22 is the newly increased&nbsp;importance of Aadhar cards, a multipurpose national identity document. On March 22 it was announced that Indian nationals will have to furnish their Aadhar details while filing tax returns after July 1, 2017.

The Aadhar card requires citizens to give the government both their biometric information, or their fingerprints, as well as a retinal scan.&nbsp;

When asked on March 22&nbsp;if the government was making Aardhar cards mandatory--essentially asking, will Indians have to give the government their fingerprints and retinal scans,&nbsp;Finance Minister Arun Jaitley <a href="http://indianexpress.com/article/india/finance-bill-minister-arun-jaitley-counters-critique-yes-we-are-making-aadhaar-mandatory-4581383/" target="_blank">said</a>, &quot;Yes, we are&quot;.

(WION)

If the bill is enshrined, businesses won't have to name the political party they donate to in their profit and loss accounts

Despite the Indian government's pledge to increase transparency, they are aiming to enshrine a law that will make corporate funding to political parties more difficult to track. Currently, corporations that give money to political parties must publicly divulge who they fund. But the Finance Bill's proposed change, tabled by the Indian government February during the annual budget session, will no longer require businesses to do so. The Finance Bill was passed in the Lok Sabha on March 22 amid mass walkouts by opposition parties. Under the proposed alterations to the Companies Act, political parties in power can more easily leverage the granting of contracts to interested parties. It will also be difficult to prove that an auction has taken place at all, making it possible for the government to award contracts without proving that any competitive process has taken place to earn the job. The Finance Bill has been assailed by opposition parties as being the outcome of a unilateral process. Money bill Another controversial change in the proposed law is the "money bill". If the new legislation is enacted, the "money bill" will bypass the Upper House, also known as the Rajya Sabha, and will go directly from the Lower House, or the Lok Sabha, to the President of India. This legislation has been particularly criticised by the opposition for strengthening the ruling Bharatiya Janata Party as its presence isn't particularly strong in the Rajya Sabha. But the upside of the mini-sweep has been the government's decision to roll out electoral bonds. Business houses will be incentivised to make political donations through digital payments and cheques to make the process of donations more transparent. Aadhar card The other big change announced on March 22 is the newly increased importance of Aadhar cards, a multipurpose national identity document. On March 22 it was announced that Indian nationals will have to furnish their Aadhar details while filing tax returns after July 1, 2017. The Aadhar card requires citizens to give the government both their biometric information, or their fingerprints, as well as a retinal scan. When asked on March 22 if the government was making Aardhar cards mandatory--essentially asking, will Indians have to give the government their fingerprints and retinal scans, Finance Minister Arun Jaitley said, "Yes, we are". (WION)

Finance Bill's political funding tenet upends govt's vow to tackle graft

Despite the lip service paid by political parties to curbing black money in the&nbsp;economy, all political parties continue to show that 70 per cent of the donations they receive are of amounts lower than Rs 20,000. According to the rules, it is not mandatory to furnish the source of donations below Rs 20,000.

As per Association for Democratic Reforms&#39; (ADR) data from 2004 to 2014, all political parties put together received Rs 11,367 crores -- and 70 per cent of that money was received from unknown sources.

The income political parties got from known donors added up to about 16 per cent, or Rs 1,835 crore, of their total income, while income from other known sources including memberships added up to about 14&nbsp;per cent or Rs 1,698 crore.

The most shocking part of the ADR report was that of 51 regional parties, 45 have not submitted donation statements to the Election Commission of India (ECI) for at least one financial year, while 12 regional parties have never filed a donation statement.

The NCP for example, the ADR report says, did not submit a donation report to the Election Commission&nbsp;between 2004-5 and 2006-7.

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An Association for Democratic Reforms report says political parties got Rs 7,832.98 crore from unknown donors between 2004-05 and 2014-15. (DNA)
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Total income of national political parties between 2004 and 2014. (Image source: ADR Report) (Others)
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Sources of income of national parties between 2004 and 2014. (Image source: ADR Report) (Others)
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Total declared income of regional parties. (Image source: ADR Report) (Others)
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Regional parties with maximum declared income. (Image source: ADR Report) (Others)
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As per the ADR&rsquo;s analysis, Congress received 83 per cent of funds from anonymous sources. For Bharatiya Janata Party (BJP) it stood at 65 per cent and for Samajwadi Party (SP) at 94 per cent. The biggest surge was noticed in the war chest of former UP chief minister Mayawati&#39;s Bahujan Samaj Party(BSP). In ten years BSP&rsquo;s war chest surged from Rs 5.9 crores to Rs 111.9 crores, which is a jump of 2057 per cent. BSP also remains the only political party which maintains that it has never received any political funding above&nbsp;20,000 rupees.

The data accessed by ADR also shows that money from anonymous sources also surged in last 10 years. As per the data, the income of national parties from unknown sources increased by 313 per cent and for the regional parties, it increased by 652 per cent. In this category, Dravida Munnetra Kazhagam (DMK) remains the only regional party to have the&nbsp;highest income from known sources which is absent in most of the other regional parties.

As per the data accessed by ADR, Samajwadi Party had the highest income at Rs 819 crores followed by DMK with Rs 203 crores and All India Anna Dravida Munnetra Kazhagam (ADMK) with Rs 165 crores.

Prime Minister Narendra Modi has committed himself to root out black money from the electoral system. A similar position was taken during the UPA regime and the then government of the day also toyed with the idea of state funding of elections but not much happened. For now, BJP has positioned demonetisation as an anti-black money drive but political parties had the exemption to deposit unlimited money in old currency in their bank accounts.

(WION)

The income political parties got from known donors added up to about 16%, the remaining 14% came from known sources like memberships

Despite the lip service paid by political parties to curbing black money in the economy, all political parties continue to show that 70 per cent of the donations they receive are of amounts lower than Rs 20,000. According to the rules, it is not mandatory to furnish the source of donations below Rs 20,000. As per Association for Democratic Reforms' (ADR) data from 2004 to 2014, all political parties put together received Rs 11,367 crores -- and 70 per cent of that money was received from unknown sources. The income political parties got from known donors added up to about 16 per cent, or Rs 1,835 crore, of their total income, while income from other known sources including memberships added up to about 14 per cent or Rs 1,698 crore. The most shocking part of the ADR report was that of 51 regional parties, 45 have not submitted donation statements to the Election Commission of India (ECI) for at least one financial year, while 12 regional parties have never filed a donation statement. The NCP for example, the ADR report says, did not submit a donation report to the Election Commission between 2004-5 and 2006-7. An Association for Democratic Reforms report says political parties got Rs 7,832.98 crore from unknown donors between 2004-05 and 2014-15. (DNA) × Total income of national political parties between 2004 and 2014. (Image source: ADR Report) (Others) × Sources of income of national parties between 2004 and 2014. (Image source: ADR Report) (Others) × Total declared income of regional parties. (Image source: ADR Report) (Others) × Regional parties with maximum declared income. (Image source: ADR Report) (Others) × As per the ADR’s analysis, Congress received 83 per cent of funds from anonymous sources. For Bharatiya Janata Party (BJP) it stood at 65 per cent and for Samajwadi Party (SP) at 94 per cent. The biggest surge was noticed in the war chest of former UP chief minister Mayawati's Bahujan Samaj Party(BSP). In ten years BSP’s war chest surged from Rs 5.9 crores to Rs 111.9 crores, which is a jump of 2057 per cent. BSP also remains the only political party which maintains that it has never received any political funding above 20,000 rupees. The data accessed by ADR also shows that money from anonymous sources also surged in last 10 years. As per the data, the income of national parties from unknown sources increased by 313 per cent and for the regional parties, it increased by 652 per cent. In this category, Dravida Munnetra Kazhagam (DMK) remains the only regional party to have the highest income from known sources which is absent in most of the other regional parties. As per the data accessed by ADR, Samajwadi Party had the highest income at Rs 819 crores followed by DMK with Rs 203 crores and All India Anna Dravida Munnetra Kazhagam (ADMK) with Rs 165 crores. Prime Minister Narendra Modi has committed himself to root out black money from the electoral system. A similar position was taken during the UPA regime and the then government of the day also toyed with the idea of state funding of elections but not much happened. For now, BJP has positioned demonetisation as an anti-black money drive but political parties had the exemption to deposit unlimited money in old currency in their bank accounts. (WION)

Is black money funding elections? Parties got 70% cash from unknown sources

India&#39;s ruling Bharatiya Janata Party on Saturday termed demonetisation as a &quot;sacred movement&quot; that was supported by the masses and said that the deposition of black money will lead to &quot;bigger and cleaner GDP&quot;.

The economic resolution passed at the party&#39;s national executive meeting accused the opposition of trying to discredit the government by criticising the move that was aimed at the &quot;poor&#39;s welfare&quot;.

&quot;In this sacred movement across the country, the common people were taking upon themselves the temporary suffering of standing in queues with full enthusiasm and positive energy, but the Opposition had become negative with destructive energy to defame the central government and trying to destroy the positive environment of the country,&quot; the resolution said.

India&#39;s finance minister Arun Jaitley asserted that black money has been returned to the banks because of the currency reform and will lead to development.

&quot;Black money has been deposited in the banks. It has lost its anonymity. The informal economy will now increasingly integrate with the formal economy. This will lead to higher revenues with the States and the Centre. It will lead to the bigger and the cleaner GDP,&quot; the resolution said.

Jaitley also claimed that state revenues had not suffered, citing figures, and in states of Uttar Pradesh and Madhya Pradesh numbers had even increased.

The resolution said demonetisation was necessary for decimating the parallel economy of black money and for the smooth functioning of the GST in near future.

BJP supported Prime Minister Narendra Modi&#39;s decision at the meeting. BJP&#39;s &#39;Kisan Morcha&#39; (farmer wing of BJP) chief Virendra Singh Mast claimed that wasteful expenditure by farmers was reduced due to demonetisation. The opposition claims that farmers have suffered the most due to cash crunch.

Union minister Nirmala Sitharaman termed the decision as &quot;bold and historic decision&quot;.

&quot;The Rs 500 and Rs 1000 notes hidden in mattresses, something people would say symbolically, is now in bank accounts. It will help development,&quot; she said.

The ruling party claimed positive reaction towards demonetisation, quoting surveys. 
&quot;This is reflected in the fact that even after 50 days, there was not a single major incident in the country. There was no loss of public property and there was no loss of people&#39;s patience anywhere in the country.&quot;

BJP dismissed allegations that demonetisation was an abrupt decision, claiming that the resolution was taken with full-fledged preparations.&nbsp;

Listing the government&#39;s efforts to curb black money leading to demonetization, the resolution cited constitution of a SIT, introduction of Income Declaration Scheme, Jan Dhan Scheme, Black Money Act, Bankruptcy Insolvency Law, DRT Amendment Law and Benami Property Act, Press trust of India reported.

The party named various efforts by the government to promote a cashless, corruption free India through UPI, USSD, AEPS and Rupay Card.

&quot;The BJP firmly believes that digital economy will stop the leakage of taxes. This Government has ended any role of middlemen from its beneficiary schemes like MNREGA, financial assistance to poor students, subsidies to marginal sections including SC/ST/OBC through digital transactions and Direct Benefit Transfers,&quot; the resolution said.

(WION with inputs from PTI)

Wasteful expenditure by farmers was reduced due to demonetisation, says party's farmer wing chief

India's ruling Bharatiya Janata Party on Saturday termed demonetisation as a "sacred movement" that was supported by the masses and said that the deposition of black money will lead to "bigger and cleaner GDP". The economic resolution passed at the party's national executive meeting accused the opposition of trying to discredit the government by criticising the move that was aimed at the "poor's welfare". "In this sacred movement across the country, the common people were taking upon themselves the temporary suffering of standing in queues with full enthusiasm and positive energy, but the Opposition had become negative with destructive energy to defame the central government and trying to destroy the positive environment of the country," the resolution said. India's finance minister Arun Jaitley asserted that black money has been returned to the banks because of the currency reform and will lead to development. "Black money has been deposited in the banks. It has lost its anonymity. The informal economy will now increasingly integrate with the formal economy. This will lead to higher revenues with the States and the Centre. It will lead to the bigger and the cleaner GDP," the resolution said. Jaitley also claimed that state revenues had not suffered, citing figures, and in states of Uttar Pradesh and Madhya Pradesh numbers had even increased. The resolution said demonetisation was necessary for decimating the parallel economy of black money and for the smooth functioning of the GST in near future. BJP supported Prime Minister Narendra Modi's decision at the meeting. BJP's 'Kisan Morcha' (farmer wing of BJP) chief Virendra Singh Mast claimed that wasteful expenditure by farmers was reduced due to demonetisation. The opposition claims that farmers have suffered the most due to cash crunch. Union minister Nirmala Sitharaman termed the decision as "bold and historic decision". "The Rs 500 and Rs 1000 notes hidden in mattresses, something people would say symbolically, is now in bank accounts. It will help development," she said. The ruling party claimed positive reaction towards demonetisation, quoting surveys. "This is reflected in the fact that even after 50 days, there was not a single major incident in the country. There was no loss of public property and there was no loss of people's patience anywhere in the country." BJP dismissed allegations that demonetisation was an abrupt decision, claiming that the resolution was taken with full-fledged preparations. Listing the government's efforts to curb black money leading to demonetization, the resolution cited constitution of a SIT, introduction of Income Declaration Scheme, Jan Dhan Scheme, Black Money Act, Bankruptcy Insolvency Law, DRT Amendment Law and Benami Property Act, Press trust of India reported. The party named various efforts by the government to promote a cashless, corruption free India through UPI, USSD, AEPS and Rupay Card. "The BJP firmly believes that digital economy will stop the leakage of taxes. This Government has ended any role of middlemen from its beneficiary schemes like MNREGA, financial assistance to poor students, subsidies to marginal sections including SC/ST/OBC through digital transactions and Direct Benefit Transfers," the resolution said. (WION with inputs from PTI)

Reaction to demonetisation positive as not single major incident of violence reported: BJP at its executive meet

More than 250 Indian political parties that were unlisted on December 21 for not participating in elections between 2005 and 2015 will have their finances looked into by taxmen.

The Election Commission, a body that administers the election processes in the country, unlisted 255 registered parties, though it doesn&#39;t have powers to deregister a party.

The Election Commission has asked Central Board of Direct Taxes (CBDT) to probe financial malfeasance in the account books of the dormant parties.

The CBDT will take &quot;necessary action&quot; against parties that are found violating Section 29B and 29C&nbsp;of the Representation of the People Act, 1951.

Section 29B states that every political party may accept any amount of contribution voluntarily offered to it by any person or company other than a Government company.

According to section 29C, the treasurer of a political party or any other person authorised by it shall, in each financial year, prepare a report on the contribution in excess of Rs 20,000 received by it from any person in that financial year; and contribution in excess of Rs 20,000 received by it from companies other than Government companies in that financial year.

The action has been taken seemingly to stem flow of black money during elections in the country.

(WION with inputs from PTI)

The Election Commission wants tax officials to pore over the finances of these parties in a bid to stem flow of black money during polls

More than 250 Indian political parties that were unlisted on December 21 for not participating in elections between 2005 and 2015 will have their finances looked into by taxmen. The Election Commission, a body that administers the election processes in the country, unlisted 255 registered parties, though it doesn't have powers to deregister a party. The Election Commission has asked Central Board of Direct Taxes (CBDT) to probe financial malfeasance in the account books of the dormant parties. The CBDT will take "necessary action" against parties that are found violating Section 29B and 29C of the Representation of the People Act, 1951. Section 29B states that every political party may accept any amount of contribution voluntarily offered to it by any person or company other than a Government company. According to section 29C, the treasurer of a political party or any other person authorised by it shall, in each financial year, prepare a report on the contribution in excess of Rs 20,000 received by it from any person in that financial year; and contribution in excess of Rs 20,000 received by it from companies other than Government companies in that financial year. The action has been taken seemingly to stem flow of black money during elections in the country. (WION with inputs from PTI)

More than 250 unlisted political parties under taxman's lens

Indian Prime Minister Narendra Modi on Saturday accused the opposition Congress of looting the common man for 70 years and vowed to continue fighting for the poor.

&quot;You have looted the common man for 70 years and made it harsh for them to survive. I have come to fight for the poor and give power in their hands,&quot; said Modi while inaugurating dairy plants in Deesa city of western Gujarat state.

The 66-year-old politician slammed the opposition for not letting him speak in the parliament even after they demanded his presence.

&quot;Government has always said we are ready to debate. I am not being allowed to speak in the Lok Sabha (lower house). So I am speaking in the Jan (common) Sabha,&quot; he said.

Emphasising the fact that demonetisation has been introduced with the intention of curbing black money and eradicating corruption, Prime Minister Modi said corruption has always pained the common man, making their lives miserable.

&quot;Who is unhappy with corruption? Not those perpetrating corruption...it is the poor, the common citizens who are unhappy,&quot; he said. He added that the &quot;evils&quot; of black money and corruption were slowing India&#39;s progress and adversely affecting the poor.

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Want to assure the people of the country that no one will be spared: PM Narendra Modi in Gujarat <a href="https://t.co/HBURG3F7ik">pic.twitter.com/HBURG3F7ik</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/807477788433215488">December 10, 2016</a></blockquote>
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He further urged the people to move towards digital modes of payment and not waste their time outside of banks and ATMs.

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I urge you all to integrate people with e-banking, e-wallets: PM <a href="https://twitter.com/narendramodi">@narendramodi</a>
&mdash; PMO India (@PMOIndia) <a href="https://twitter.com/PMOIndia/status/807478225420972034">December 10, 2016</a></blockquote>
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There is no need to waste your time standing outside banks or ATMs, e-wallets have brought banks to your mobiles: PM Modi <a href="https://t.co/sl828PMZQL">pic.twitter.com/sl828PMZQL</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/807478385580482560">December 10, 2016</a></blockquote>
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&nbsp;

The Prime Minister thanked the people for standing by his side and encouraging his decision to demonetise.

&quot;In spite of efforts by others to incite people, people have stood by me and supported the decision.&quot;

He assured people that they will see changes in time.

West Bengal state chief minister Mamata Banerjee on Saturday criticised Modi&#39;s address saying, &quot;Modi babu knows that #DeMonetisation now derailed. Except giving &#39;bhashan&#39;, he has no solution.&quot;

Urban development minister Venkaiah Naidu also hit out at the Opposition on Saturday, &quot;Don&#39;t try to threaten us, we are ready for a debate, it is you (Opposition), who are obstructing the Parliament.&quot;

(With inputs from ANI)

Modi accused the Congress of looting the common man for 70 years and vowed to continue his fight for the poor

Indian Prime Minister Narendra Modi on Saturday accused the opposition Congress of looting the common man for 70 years and vowed to continue fighting for the poor. "You have looted the common man for 70 years and made it harsh for them to survive. I have come to fight for the poor and give power in their hands," said Modi while inaugurating dairy plants in Deesa city of western Gujarat state. The 66-year-old politician slammed the opposition for not letting him speak in the parliament even after they demanded his presence. "Government has always said we are ready to debate. I am not being allowed to speak in the Lok Sabha (lower house). So I am speaking in the Jan (common) Sabha," he said. Emphasising the fact that demonetisation has been introduced with the intention of curbing black money and eradicating corruption, Prime Minister Modi said corruption has always pained the common man, making their lives miserable. "Who is unhappy with corruption? Not those perpetrating corruption...it is the poor, the common citizens who are unhappy," he said. He added that the "evils" of black money and corruption were slowing India's progress and adversely affecting the poor. Want to assure the people of the country that no one will be spared: PM Narendra Modi in Gujarat pic.twitter.com/HBURG3F7ik — ANI (@ANI_news) December 10, 2016 × He further urged the people to move towards digital modes of payment and not waste their time outside of banks and ATMs. I urge you all to integrate people with e-banking, e-wallets: PM @narendramodi — PMO India (@PMOIndia) December 10, 2016 × There is no need to waste your time standing outside banks or ATMs, e-wallets have brought banks to your mobiles: PM Modi pic.twitter.com/sl828PMZQL — ANI (@ANI_news) December 10, 2016 × The Prime Minister thanked the people for standing by his side and encouraging his decision to demonetise. "In spite of efforts by others to incite people, people have stood by me and supported the decision." He assured people that they will see changes in time. West Bengal state chief minister Mamata Banerjee on Saturday criticised Modi's address saying, "Modi babu knows that #DeMonetisation now derailed. Except giving 'bhashan', he has no solution." Urban development minister Venkaiah Naidu also hit out at the Opposition on Saturday, "Don't try to threaten us, we are ready for a debate, it is you (Opposition), who are obstructing the Parliament." (With inputs from ANI)

Indian PM Modi: Demonetisation will empower and strengthen poor

Should you still be refusing to use your debit or credit card or your mobile phone to make payments in the midst of the current cash crunch, the government has now given you a slew of reasons to move to digital payments.

It announced a number of incentives Thursday.

The&nbsp;sops are mostly in the form of discounts.

For example, a digital payment at government-owned fuel stations will now get you 75 basis points (bps) off on the retail price. (1 bps works out to 1 paisa on every rupee.)&nbsp;

So, at the current price of Rs 66.10 per litre in Delhi, you would save about 50 paise per litre.

Finance minister Arun Jaitley has worked out the math well.

According to him, digital payments at state-owned petrol pumps doubled last month, from 20 to 40 per cent. He said about 4.5 crore customers bought fuel worth Rs 1,800 crore at these pumps every day in the last month. That means transactions worth Rs 360 crore have moved from cash to digital.

Jaitley expects his discount to bring about another 30 per cent jump in digital payments at fuel stations, which will further slash cash usage at petrol pumps by Rs 2 lakh crore a year.

The government has offered other concessions, like 50 bps off on monthly or seasonal tickets on suburban railway networks beginning January 1 next year, and a 5 per cent discount on catering, accommodation, retiring rooms and other paid railway services.

It has also waived service tax on the use of credit, debit, charge or any other payment card for payments of up to Rs 2,000.

Online train ticket booking will fetch a passenger free accidental insurance cover of up to Rs 10 lakh and use of RFID or fast-tags will lower toll fee paid at toll plazas on the National Highway by 10 per cent.

Other measures include offering free point of sale (PoS) machines to 1 lakh villages with a population of up to 10,000, abolishing Merchant Discount Rate (MDR) on digital transactions for central government and PSU services, rental cap of Rs 100 for PoS terminals, micro ATMs and Mobil PoS, Rupay Kisan cards for Kisan cardholders and discount and credit by PSU insurance companies of up to 10 per cent of the premium for general insurance policies and 8 per cent for new life cover from Life Insurance Corporation (LIC).

Meanwhile, the National Bank for Agriculture and Rural Development (NABARD) declared that it will extend support to banks for deployment of two PoS devices per village in 1 lakh villages. The estimated cost of this support will be around Rs 120 crore.

For those farmers who are already on RuPay Kisan Credit Card (KCC) platform, NABARD will now support procurement of Europay, Mastercard and Visa chips and PIN-based RuPay Kisan cards by regional rural and rural cooperative banks. NABARD will spend approximately Rs 108 crore to cover around 4.32 crore KCC holders.

&ldquo;We believe that these two initiatives will have a positive impact in easing the transition to digital transactions,&rdquo; said NABARD chairman Harsh Kumar Bhanwala.

Naveen Surya, chairman, Payment Council of India, said the cost reduction that would accrue from the shift to digital modes of payment should be passed on to the end-consumers. &ldquo;Benefits passed on to consumers will give a booster growth to digital payment companies,&rdquo; he said.

He called for more such incentives for other services like electricity or mobile bills, long-distance railway tickets and others. Jaitley said that the government was eventually aiming at making political donations payments also digital, like in many developed countries.

&ldquo;This (incentives and demonetisation) will certainly move India to less cash economy,&rdquo; he said.

(This article first appeared in DNA)

Paying digitally will now get you discounts at govt-owned fuel stations, and service tax will be waived off on card payments up to Rs 2,000

Should you still be refusing to use your debit or credit card or your mobile phone to make payments in the midst of the current cash crunch, the government has now given you a slew of reasons to move to digital payments. It announced a number of incentives Thursday. The sops are mostly in the form of discounts. For example, a digital payment at government-owned fuel stations will now get you 75 basis points (bps) off on the retail price. (1 bps works out to 1 paisa on every rupee.) So, at the current price of Rs 66.10 per litre in Delhi, you would save about 50 paise per litre. Finance minister Arun Jaitley has worked out the math well. According to him, digital payments at state-owned petrol pumps doubled last month, from 20 to 40 per cent. He said about 4.5 crore customers bought fuel worth Rs 1,800 crore at these pumps every day in the last month. That means transactions worth Rs 360 crore have moved from cash to digital. Jaitley expects his discount to bring about another 30 per cent jump in digital payments at fuel stations, which will further slash cash usage at petrol pumps by Rs 2 lakh crore a year. The government has offered other concessions, like 50 bps off on monthly or seasonal tickets on suburban railway networks beginning January 1 next year, and a 5 per cent discount on catering, accommodation, retiring rooms and other paid railway services. It has also waived service tax on the use of credit, debit, charge or any other payment card for payments of up to Rs 2,000. Online train ticket booking will fetch a passenger free accidental insurance cover of up to Rs 10 lakh and use of RFID or fast-tags will lower toll fee paid at toll plazas on the National Highway by 10 per cent. Other measures include offering free point of sale (PoS) machines to 1 lakh villages with a population of up to 10,000, abolishing Merchant Discount Rate (MDR) on digital transactions for central government and PSU services, rental cap of Rs 100 for PoS terminals, micro ATMs and Mobil PoS, Rupay Kisan cards for Kisan cardholders and discount and credit by PSU insurance companies of up to 10 per cent of the premium for general insurance policies and 8 per cent for new life cover from Life Insurance Corporation (LIC). Meanwhile, the National Bank for Agriculture and Rural Development (NABARD) declared that it will extend support to banks for deployment of two PoS devices per village in 1 lakh villages. The estimated cost of this support will be around Rs 120 crore. For those farmers who are already on RuPay Kisan Credit Card (KCC) platform, NABARD will now support procurement of Europay, Mastercard and Visa chips and PIN-based RuPay Kisan cards by regional rural and rural cooperative banks. NABARD will spend approximately Rs 108 crore to cover around 4.32 crore KCC holders. “We believe that these two initiatives will have a positive impact in easing the transition to digital transactions,” said NABARD chairman Harsh Kumar Bhanwala. Naveen Surya, chairman, Payment Council of India, said the cost reduction that would accrue from the shift to digital modes of payment should be passed on to the end-consumers. “Benefits passed on to consumers will give a booster growth to digital payment companies,” he said. He called for more such incentives for other services like electricity or mobile bills, long-distance railway tickets and others. Jaitley said that the government was eventually aiming at making political donations payments also digital, like in many developed countries. “This (incentives and demonetisation) will certainly move India to less cash economy,” he said. (This article first appeared in DNA)

Demonetisation: To make India switch to digital payments, govt offers slew of incentives

Indian Prime Minister Narendra Modi asked the poor not to return the money illegally deposited in their Jan Dhan account on Saturday while addressing Bharatiya Janata Party&#39;s (BJP) Parivartan Yatra rally.&nbsp;

&quot;All those who are Jan Dhan account holders, you should not return the money that others have put in your accounts. If you promise to do so, I am working hard on to devise a formula to send all those who deposited their money illegally into your accounts to jail and to ensure the money goes to the poor households,&quot; Modi said.&nbsp;

The Jan Dhan (Pradhan Mantri Jan Dhan Yojana) scheme was launched by Modi in 2014 which provides banking facitites to the poor and can be opened with minimum balance.&nbsp;

The PM slammed his opposition for trying to &quot;spread disinformation and despair&quot; regarding criticism over long lines outside ATMS and banks since demonetisation.&nbsp;

Adding &quot;this will be the last queue for the people who have been standing in line for the last 70 years for their daily needs&quot;.

&quot;I salute the people of the country for standing for long hours in queues.

&quot;I want to ask those politicians who are crying over these long queues.

&quot;You kept the entire nation in queues for 70 years after independence, as one had to stand in lines for even sugar, kerosene and wheat in the past. This is the last queue to end all those queues,&quot; he said.&nbsp;

&quot;I am being hounded as if I have committed some crime by waging a battle against graft. But, what can my opponents do to me? I am a fakir (hermit)...Jhola ley kar chaley jayenge (I will exit with my little belongings),&quot; Modi said in reference to protests from the opposition inside and outside the Parliament disrupting the Winter Session.&nbsp;

Modi without taking names made an apparent reference at the Congress saying&nbsp;&quot;You are my leader [the people] ...I have no high command.&quot;

 
(WION with inputs from PTI)

He said he is trying to work out how to jail the corrupt and ensure the deposited money goes to poor households

Indian Prime Minister Narendra Modi asked the poor not to return the money illegally deposited in their Jan Dhan account on Saturday while addressing Bharatiya Janata Party's (BJP) Parivartan Yatra rally. "All those who are Jan Dhan account holders, you should not return the money that others have put in your accounts. If you promise to do so, I am working hard on to devise a formula to send all those who deposited their money illegally into your accounts to jail and to ensure the money goes to the poor households," Modi said. The Jan Dhan (Pradhan Mantri Jan Dhan Yojana) scheme was launched by Modi in 2014 which provides banking facitites to the poor and can be opened with minimum balance. The PM slammed his opposition for trying to "spread disinformation and despair" regarding criticism over long lines outside ATMS and banks since demonetisation. Adding "this will be the last queue for the people who have been standing in line for the last 70 years for their daily needs". "I salute the people of the country for standing for long hours in queues. "I want to ask those politicians who are crying over these long queues. "You kept the entire nation in queues for 70 years after independence, as one had to stand in lines for even sugar, kerosene and wheat in the past. This is the last queue to end all those queues," he said. "I am being hounded as if I have committed some crime by waging a battle against graft. But, what can my opponents do to me? I am a fakir (hermit)...Jhola ley kar chaley jayenge (I will exit with my little belongings)," Modi said in reference to protests from the opposition inside and outside the Parliament disrupting the Winter Session. Modi without taking names made an apparent reference at the Congress saying "You are my leader [the people] ...I have no high command." (WION with inputs from PTI)

Indian PM Modi: Do not return money corrupt have deposited in your Jan Dhan accounts

By Saurabh Goenka

How would you feel if a friend whom you owed money never took it back? Let&#39;s say Rs 10,000.&nbsp;

Now, how would you feel if that amount were Rs 3 lakh crore?&nbsp;

That could happen to the Reserve Bank of India on December 30, the last date to deposit old Rs 500 and 1,000 notes. According to the RBI, before demonetisation, the now-old Rs 500 and 1,000 notes added up to a total of Rs 14 lakh crore. Till November 28, only Rs 8 lakh crore in old notes were deposited in banks. It is further expected that not more than another Rs 3 lakh crore in old notes will be deposited by December 30, the last date to do so.&nbsp;

That leaves Rs 3 lakh crore worth of old notes that might never be exchanged for new. &nbsp;

Should that happen, the RBI will become richer by Rs 3 lakh crore, since it will then not be obliged to pay the persons holding the old notes.&nbsp;

Before moving on to an example, let&rsquo;s check the definition of a currency note.&nbsp;

A currency note is a &quot;promissory&quot; note or bill issued by a country&#39;s central bank. Promissory means implying a promise. The currency we use as money then is basically a piece of paper, but backed by the RBI with the promise of paying the person holding the note the value of the note. (Bear with me.)&nbsp;

Now the example:

Let&#39;s say Mohan goes to his friend Sohan&rsquo;s shop and picks up a cellphone for Rs 2,000.&nbsp;

But he currently does not have the money to pay for it. Sohan agrees to take the Rs 2,000 from him two months later and makes Mohan write on a piece of paper that he will pay anybody who holds the paper Rs 2,000 after two months.&nbsp;

A few days later, Sohan has to pay the wholesaler Mr Mukesh Rs 10,000. Sohan pays him Rs 8,000 in cash and hands over the paper signed by Mohan (promising Rs 2,000). Mukesh can now take this &quot;promissory note&quot; and collect Rs 2,000 from Mohan on the specified date (two months later) or use it to further &quot;pay&quot; someone else.

In the Indian economy, the RBI undertakes this &quot;promise&quot;.&nbsp;

Take out any note from your wallet and check for yourself. For example, take out a 100-rupee note and read what is written on it above the RBI governor&rsquo;s signature. It says: &quot;I promise to pay the bearer the sum of one hundred rupees&quot;.&nbsp;

Now say Sohan does not use the paper signed by Mohan, nor does he pass it on to anybody else. In that case, in two months, Mohan becomes richer by Rs 2,000.&nbsp;

Exactly the same thing -- albeit on a much, much larger case -- could happen with the RBI and the old currency notes. The Rs 3 lakh crore that might not&nbsp;be deposited with the banks will no longer have to be backed up by the RBI, making it richer by that much.&nbsp;

A Rs 3 lakh crore windfall!&nbsp;

What will happen with all this money?

The RBI will transfer it to the government of India in the form of dividend. This will in turn reduce the government&rsquo;s budgetary deficits; in simple terms, the government could use the money to pay for public expenditure, ie build roads and hospitals, add to its rail network, etc etc.

Would the public benefit from this?

Yes of course. Greater government expenditure on public infrastructure would mean better facilities for the public. Plus, the actual building and running of this infrastructure would create more jobs -- possibly offsetting any loss of jobs and recessionary trends witnessed in the immediate aftermath of the demonetisation. All this potential infrastructure building will require raw material to feed it, which would mean more production, which in turn could mean a possibly higher GDP.&nbsp;

(WION)

It is expected old Rs 500 and 1,000 notes worth that much will never be exchanged, in turn making the RBI richer by that much. Here's how

By Saurabh Goenka How would you feel if a friend whom you owed money never took it back? Let's say Rs 10,000. Now, how would you feel if that amount were Rs 3 lakh crore? That could happen to the Reserve Bank of India on December 30, the last date to deposit old Rs 500 and 1,000 notes. According to the RBI, before demonetisation, the now-old Rs 500 and 1,000 notes added up to a total of Rs 14 lakh crore. Till November 28, only Rs 8 lakh crore in old notes were deposited in banks. It is further expected that not more than another Rs 3 lakh crore in old notes will be deposited by December 30, the last date to do so. That leaves Rs 3 lakh crore worth of old notes that might never be exchanged for new. Should that happen, the RBI will become richer by Rs 3 lakh crore, since it will then not be obliged to pay the persons holding the old notes. Before moving on to an example, let’s check the definition of a currency note. A currency note is a "promissory" note or bill issued by a country's central bank. Promissory means implying a promise. The currency we use as money then is basically a piece of paper, but backed by the RBI with the promise of paying the person holding the note the value of the note. (Bear with me.) Now the example: Let's say Mohan goes to his friend Sohan’s shop and picks up a cellphone for Rs 2,000. But he currently does not have the money to pay for it. Sohan agrees to take the Rs 2,000 from him two months later and makes Mohan write on a piece of paper that he will pay anybody who holds the paper Rs 2,000 after two months. A few days later, Sohan has to pay the wholesaler Mr Mukesh Rs 10,000. Sohan pays him Rs 8,000 in cash and hands over the paper signed by Mohan (promising Rs 2,000). Mukesh can now take this "promissory note" and collect Rs 2,000 from Mohan on the specified date (two months later) or use it to further "pay" someone else. In the Indian economy, the RBI undertakes this "promise". Take out any note from your wallet and check for yourself. For example, take out a 100-rupee note and read what is written on it above the RBI governor’s signature. It says: "I promise to pay the bearer the sum of one hundred rupees". Now say Sohan does not use the paper signed by Mohan, nor does he pass it on to anybody else. In that case, in two months, Mohan becomes richer by Rs 2,000. Exactly the same thing -- albeit on a much, much larger case -- could happen with the RBI and the old currency notes. The Rs 3 lakh crore that might not be deposited with the banks will no longer have to be backed up by the RBI, making it richer by that much. A Rs 3 lakh crore windfall! What will happen with all this money? The RBI will transfer it to the government of India in the form of dividend. This will in turn reduce the government’s budgetary deficits; in simple terms, the government could use the money to pay for public expenditure, ie build roads and hospitals, add to its rail network, etc etc. Would the public benefit from this? Yes of course. Greater government expenditure on public infrastructure would mean better facilities for the public. Plus, the actual building and running of this infrastructure would create more jobs -- possibly offsetting any loss of jobs and recessionary trends witnessed in the immediate aftermath of the demonetisation. All this potential infrastructure building will require raw material to feed it, which would mean more production, which in turn could mean a possibly higher GDP. (WION)

Demonetisation: RBI could get Rs 3 lakh crore richer, as could the government

Enforcement Directorate (ED) today conducted searches at 40 locations across the country in order to check black money held with currency exchanges, hawala dealers and others in the wake of the demonetisation of Rs 500 and Rs 1000 notes.

Officials said the searches are being conducted by multiple teams of the agency in various cities and as many as 100 sleuths along with police personnel are undertaking the search operation.

In the eastern region, the agency is searching at least 16 locations including six in Kolkata, two each in Bhubaneswar and Paradip (both in Odisha), Guwahati among others.

The sleuths from the Kolkata zone of the ED have also seized Rs 10 lakh cash in new currency from the premises of a doctor in the West Bengal capital during the said operation, even as an assortment of foreign currency worth Rs 4 lakh has been seized from the same area.

They said the agency is looking at instances of illegal exchange of old currency and stashing of new currency notes to perpetrate &quot;hawala&quot; and money laundering-like activities.

ED is the central agency to enforce two laws -- the Foreign Exchange Management Act (FEMA) and the Prevention of Money Laundering Act (PMLA).&nbsp;

(PTI)

&nbsp;

&nbsp;

Enforcement Directorate conducted searches at 40 locations to check black money held with currency exchanges, hawala dealers

Enforcement Directorate (ED) today conducted searches at 40 locations across the country in order to check black money held with currency exchanges, hawala dealers and others in the wake of the demonetisation of Rs 500 and Rs 1000 notes. Officials said the searches are being conducted by multiple teams of the agency in various cities and as many as 100 sleuths along with police personnel are undertaking the search operation. In the eastern region, the agency is searching at least 16 locations including six in Kolkata, two each in Bhubaneswar and Paradip (both in Odisha), Guwahati among others. The sleuths from the Kolkata zone of the ED have also seized Rs 10 lakh cash in new currency from the premises of a doctor in the West Bengal capital during the said operation, even as an assortment of foreign currency worth Rs 4 lakh has been seized from the same area. They said the agency is looking at instances of illegal exchange of old currency and stashing of new currency notes to perpetrate "hawala" and money laundering-like activities. ED is the central agency to enforce two laws -- the Foreign Exchange Management Act (FEMA) and the Prevention of Money Laundering Act (PMLA). (PTI)

Demonetisation: ED acts against black money dealers, raids 40 locations

The European Union (EU) on Sunday welcomed India&#39;s decision to withdraw high-value banknotes in a bid to root out black money.

Ridding the system of &#39;&#39;black component&quot; and bringing transparency will strengthen Indian economy and aid growth, the EU said.

Vice-president of European Commission Jyrki Katainen complimented the Indian government for its resolve to roll out the Goods and Services Tax (GST) along with other reform measures, PTI reported.

Katainen, who is on a visit to India over the&nbsp;EU-India Broad-based Trade and Investment Agreement (BTIA), said that the fight against tax dodgers will boost India&#39;s financial system.

&quot;All the measures which will reduce black economy are always good for people and the financial system,&quot; he told PTI following the Indian government&#39;s decision to withdraw Rs 500 and 1,000 notes.

He called the GST a &quot;very ambitious&quot; and &quot;very necessary&quot; move to reform the tax structure in India and to boost investor&nbsp;confidence.

Investors from European countries are bringing &quot;white clean money&quot; to India he said.

The two-way commerce in goods between India and the EU was USD 98.5 billion in 2014-15, PTI reported. If the BTIA or the free trade agreement was finalised, European investments into India are set to increase manifold, Katainen said.

India&#39;s existing trade and investment agreement with The Netherlands will come to an end in two weeks and similar pacts with several other EU countries will expire in coming months making it difficult for the European corporates to make fresh investment in India, he stressed.

As per European Union law, no member country now can go for bilateral trade and investment pact with India as the grouping is in negotiations for an EU-India Broad-based Trade and Investment Agreement (BTIA), the PTI report stated.

India&#39;s trade and investment pact with 23 countries is likely to expire by the end of next year.

Launched in June 2007, negotiations over the proposed agreement have seen many hurdles but the EU has now shown an inclination to restart talks.

(WION with inputs from PTI)

EU's vice-president said fight against tax dodgers and those having ill-gotten wealth will pay dividends and strengthen the financial system

The European Union (EU) on Sunday welcomed India's decision to withdraw high-value banknotes in a bid to root out black money. Ridding the system of ''black component" and bringing transparency will strengthen Indian economy and aid growth, the EU said. Vice-president of European Commission Jyrki Katainen complimented the Indian government for its resolve to roll out the Goods and Services Tax (GST) along with other reform measures, PTI reported. Katainen, who is on a visit to India over the EU-India Broad-based Trade and Investment Agreement (BTIA), said that the fight against tax dodgers will boost India's financial system. "All the measures which will reduce black economy are always good for people and the financial system," he told PTI following the Indian government's decision to withdraw Rs 500 and 1,000 notes. He called the GST a "very ambitious" and "very necessary" move to reform the tax structure in India and to boost investor confidence. Investors from European countries are bringing "white clean money" to India he said. The two-way commerce in goods between India and the EU was USD 98.5 billion in 2014-15, PTI reported. If the BTIA or the free trade agreement was finalised, European investments into India are set to increase manifold, Katainen said. India's existing trade and investment agreement with The Netherlands will come to an end in two weeks and similar pacts with several other EU countries will expire in coming months making it difficult for the European corporates to make fresh investment in India, he stressed. As per European Union law, no member country now can go for bilateral trade and investment pact with India as the grouping is in negotiations for an EU-India Broad-based Trade and Investment Agreement (BTIA), the PTI report stated. India's trade and investment pact with 23 countries is likely to expire by the end of next year. Launched in June 2007, negotiations over the proposed agreement have seen many hurdles but the EU has now shown an inclination to restart talks. (WION with inputs from PTI)

India's crackdown on black money will help financial system: EU

Indians have disclosed at least Rs 65,250 crore (roughly $10 billion) of undiclosed assets in the last four months,&nbsp;India&#39;s finance minister Arun Jaitley said on Saturday.&nbsp;

Jaitley said 64,275 people disclosed their hidden assets during a&nbsp;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 &quot;come clean&quot; in order to avoid &quot;scrutiny and enquiry&quot;.&nbsp;

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&#39; identity will not be revealed, the finance minister said. &nbsp;

This year&#39;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)&nbsp;

&nbsp;

The Indian government would get 45 per cent of the recovered amount as tax and penalty

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)

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