Rs 3,770 cr declared unaccounted foreign assets under Black Money Window

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Black MoneyThe government has declared around Rs 3770 crore as untaxed or black money under the limited window of the Black Money Act on September 30, the last day of the disclosure window.

According to the official press statement, a total of 638 declaration were received under the compliance window, which is much below what the government had expected, and is almost one-tenth of what the Voluntary Disclosure of Income Scheme in 1997 had achieved.

The then government, under VDIS, had received declaration worth Rs 33,000 crore, and revenue of Rs 10,000 crore. The scheme was meant for both foreign and domestic black money.

“The officer designated to receive the declarations worked till midnight yesterday,” said the statement.

Those who have come clean can escape prosecution or jail by paying tax and penalties of around 60 per cent.

During the election campaign for 2014 election, Narendra Modi Modi had claimed that Rs. 15 lakh could be given to every citizen if illegal wealth was brought back from foreign accounts.

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