Black Money Bulletin: Government Fetched Amount Revised To 4147 Crore

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The government collected Rs 4,147 crore during the 90-day black money disclosure compliance window, which is higher than the previously announced amount of Rs 3,770 crore, revenue secretary Hasmukh Adhia said.

Adhia also said while the total number of disclosures is 638 as stated before, the total illegal foreign assets brought to book stands at Rs 4,147 crore.

The government’s total tax receipt from the black money declared during the window will be Rs 2,488.20 crore.

Recently, Arun Jaitley posted on his official Facebook page that “The bulk of black money is still within India. We thus need a change in national attitude where plastic currency becomes the norm and cash an exception.”

The one-time 90-day compliance window provided to holders of undeclared foreign assets ended September 30, 2015. It provided an opportunity to foreign assets holders to declare assets, pay a total of 60 percent tax and penalty, and escape stringent provisions of the new black money law.

He said under the Foreign Account Tax Compliance Act (FATCA), signed with the US, India has already started getting information. “Wealth of information has come from the US,” he said.

He said as many as 132 prosecutions in 43 cases out of the HSBC Swiss list have been filed.

He added that the government was taking several other steps to curb black money transactions within the country. The government is at an advanced stage in considering making it mandatory to provide PAN card details for cash transactions beyond a certain limit, he said.

“The monitoring regime of the income tax (department) has been strengthened and… its ability to detect large cash withdrawals, or large cash transactions which enter the system, is being strengthened.”

Information Reference: The Times Of India


Ayush Garg

Content Developer. Strategist. (A true) Startup Enthusiast. A kind of a guy who relies on analysis, and writes to spoil the masks. A threat to humor, if one liners could kill. Twitter: @profylayush.

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