Govt says slight rise in black money receipts

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Old 06-Oct-2015
Post Govt says slight rise in black money receipts

The government has 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 today said while the total number of disclosures was 638 as stated last week, the total illegal foreign assets brought to book stood at Rs 4,147 crore.
Adhia said the government had not set any target for the window and it was an opportunity provided for black money disclosure. The government’s total tax receipt from the black money declared during the window will be Rs 2,488.20 crore.
The government had on October 1 declared that a total of Rs 3,770 crore in black money was declared during the compliance window. This, he said, was based on preliminary count of the declarations made.
After taking into account the declarations that came in envelops, the total number came to Rs 4,147 crore, he said adding envelops had been counted but the declarations in them were not reflected in the October 1 figure.
The one-time 90-day compliance window provided to holders of undeclared foreign assets ended September 30. It gave an opportunity to foreign assets holders to declare assets, pay a total of 60 per cent tax and penalty and escape stringent provisions of the new black money law.
Under the Foreign Account Tax Compliance Act, signed with the US, India has already started getting information. “Wealth of information has come from US,” he said.
On steps to unearth overseas black money held by Indians, Adhia said: “Whatever information we have got from whatever sources so far, we have been assessing them, penalising them and filing prosecution.”

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