Modi Govt set to collect Rs 3,770 Crore ‘Black Money’

RSTV Bureau

Modi-ID-2015-3In a big fillip to its much-talked about poll promise of getting back ‘Black Money’ stashed abroad, the Modi government on Thursday claimed that it has received an undeclared amount of Rs 3,770 crore. Total of 638 declarations were made under the one-time black money compliance window, which was announced by the incumbent soon after it came to power at the Centre last year. The compliance window to declare ‘Black Money’ had closed on Wednesday.

“638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3770 crore. These figures are subject to final reconciliation,” the Union Finance Ministry said in a statement based on figures provided to it by the Central Board of Direct Taxes (CBDT).

The official statement by the Union ministry also added that the tax at the rate of 30 per cent and penalty at the rate of 30 per cent is to be paid by December 31, 2015.

The window, created under the new anti-Black money Act, saw a hectic rush on Wednesday, its last day with several declarants making a beeline to meet the deadline at the only I-T office designated in Delhi for the task.

“Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) has been enacted to deal with the menace of black money stashed abroad,” the statement read further adding “The Act also provided for a compliance window for a limited period to persons who have undisclosed foreign assets which they had not disclosed for the purposes of Income-tax so far.”

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

The issue of ‘Black Money’ was among the most significant ones during the run-up to the 2015 General Elections. Host of the political parties, prominently the BJP and Arvind Kejriwal-led AAP, 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 his election campaigning, Prime Minister Modi, the then Chief Minister of Gujarat, and other BJP leaders had even gone on to say that every citizen will get to the tune of Rs. 15 lakhs if unaccounted wealth comes back home.

(With inputs from the PTI)