Govt revises figure, collects Rs 4147 cr as black money

RSTV Bureau

Indian_ currencyModi government has revised the amount of black money collected during the 90-day disclosure compliance window. On Monday morning, the figure was revised to 4147 crores as against 3770 crores.

The amount is higher than he previously announced amount of Rs 3,770 crore, said Revenue Secretary Hasmukh Adhia.

While the total number of disclosures stand at 638 as stated last week, the total illegal foreign assets brought to book now stands at Rs 4,147 crore, explained Adhia.

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

After taking into account the declarations that came in envelops, the total number came up to Rs 4,147 crore, Adhia explained. He added that the envelops had been counted but the declarations in them were not reflected in the October 1 figure.

“638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3,770 crore. These figures are subject to final reconciliation,” the Finance Ministry had said in a statement on October 1.

The one-time 90-day compliance window provided to holders of undeclared foreign assets ended September 30. It provided an opportunity to foreign asset holders to declared the assets and pay a total of 60 per cent tax and penalty and escape stringent provisions of the new Black Money Law.

According to Adhia, under the Foreign Account Tax Compliance Act (FATCA) signed with the US, India had already begun getting information.

A “wealth of information has come from US,” and about 132 prosecutions in 43 cases out of the HSBC Swiss list have been filed, Adhia confirmed.

The compliance had window had opened on 1st July, 2015 and was open till 30th of September 2015.

Black money declarations are seen as a big fillip to the much-talked about poll promise of Modi government of getting back black money stashed abroad.

“Getting back black money” was one of the most significant slogans of the BJP during the run-up to the 2015 general elections. Several political parties had accused the then Congress-led UPA government of not doing enough to get back the unaccounted and untaxed wealth of Indian nationals stashed in foreign banks. During its poll campaign in 2014, the BJP had claimed that every citizen will get an amount of Rs. 15 lakh, if all unaccounted wealth came back home.

Meanwhile on Sunday, Finance Minister Arun Jaitley had said that the bulk of the black money was still within India. He also stressed that there was a need to make plastic currency as the norm and cash an exception. He said the government was working with various authorities to bring about the change.

(With inputs from PTI)