This Article is From Oct 05, 2015

Black Money Disclosure: Government Revises Amount to Rs 4,147 Cr

Black Money Disclosure: Government Revises Amount to Rs 4,147 Cr
New Delhi: A total amount of Rs 4,147 crore was declared during the 90-day black money compliance window, higher than the previously announced amount of Rs 3,770 crore, Revenue Secretary Hasmukh Adhia said on Monday

Mr Adhia said that 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.

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 of black money was declared during the compliance window. This, he said, was based on a preliminary count of the declarations made.

After taking into account the declarations that came in envelops, the total number comes to Rs 4,147 crore, he said, adding that the 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 provided an opportunity to foreign assets holders to declared assets, pay a total of 60 per cent tax & 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 US," he said.

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