Saturday, October 1st, 2016

Black Money Trail: Finally, black money worth Rs 65,250 crore revealed

Narada Desk | October 1, 2016 4:58 pm Print
The money declared totals Rs 65,250 crore, of which 45 per cent would accrue to the government as tax and penalty.

Arun Jaitley : Union Finance Minister

Bringing back black money is one of the top agendas of the Prime Minister Narendra Modi led government.  So  Union Finance Minister Arun Jaitley has now finally revealed about the Black money in detail.  According Jaitley as much as Rs 65,250 crore of blackmoney was declared during the four-month compliance window — the Income Declaration Scheme — that ended on September 30.  Jaitley said Rs 64,275 declarations were made in the four- month window and this figure could go up once all the declarations filed online and manually are compiled

The money declared totals Rs 65,250 crore, of which 45 per cent would accrue to the government as tax and penalty.

The government had provided illegal income and asset holders a one-time opportunity to come clean by declaring their blackmoney under the four-month window and pay 45 per cent tax and penalty

Reiterating that the one-time window was not an amnesty scheme like the 1997 one, Jaitley said the tax collected in the 1997 Voluntary Disclosure of Income Scheme (VDIS) was Rs 9,760 crore with an average declaration of Rs 7 lakh

The tax collected from the Income Declaration Scheme (IDS) 2016 will go into the Consolidated Fund of India and will be used for larger welfare of people, he added.

The finance minister said the IDS 2016 was “not an amnesty scheme like VDIS of 1997” as the government didn’t intend to benefit non-tax compliant vis a vis tax compliant. He also said that the outcome of IDS 2016 shows that was a positive sign as more and more people were becoming tax compliant. Jaitley also said the present government had taken a lot of steps to unearth black money at “domestic and foreign level.”

Speaking to reporters after the press conference , Jaitley also said the government had conducted search operations to uncover black money. “Rs 56,378 crore- undetected income has been uncovered through search operations,” he said to news agency ANI. He also said the figures may go up as soon as all the declarations, filed online and manually, are compiled.