India gets 638 declarants for $580-mn black money

New Delhi, Oct 1 (IANS) India’s drive against black money to get back ill-gotten wealth stashed away by its citizens abroad has drawn responses from 638 declarants for total assets worth Rs.3,770 crore ($580 million), an official statement said on Thursday.

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The amnesty scheme ended September 30. It called for a tax of 30 percent and an equal amount in penalty, that is to be paid before December 31. The compliance window opened on July 1.

The official statement said the actual quantum of declaration, under what is called the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, was subject to a final reconcilitaion.

India has no official estimate about the quantum of black money stashed away by Indians abroad but unofficial estimates puts the sum somewhere between $466 billion and $1.4 trillion.

Will now take action against foreign black money holders: Govt

New Delhi, (PTI):¬†Government today said it would initiate “action” against those who have not disclosed their black money and assets stashed abroad as the one-time compliance window under the newly enacted anti-Black Money law ended yesterday.

A total of 638 people used the window, declaring an amount of Rs 3,770 crore.
“Whatever has come, we accept it and now onwards we would start the action against those people who have not declared any asset and about whom the information would come to us,” Revenue Secretary Hasmukh Adhia told reporters here.

He said the window was the only opportunity for people to come clean in this regard and the government had no particular figure of money in mind that would come out after this 90-day exercise that finished yesterday.

“In order to give them an opportunity, this compliance window was there upto September 30 and the figures we have got so far are that 638 people have announced their foreign investment or foreign assets including bank account balances and the total amount coming to Rs 3,770 crore. So, it was only an opportunity given by us and we had no particular figure in mind,” he said.

The Finance Ministry had added that these figures, as of now, are “subject to final reconciliation.”

A tax at the rate of 30 per cent and a separate penalty at the rate of 30 per cent has to be paid by December 31, 2015 by these declarants after verification by the tax department.

The compliance window opened on July 1, 2015 and declarations were made in it by physical submission of a statement or through e-filing.

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