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Black money: Govt revises disclosure to Rs. 4,147 crore from earlier Rs. 3,770 crore

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 on Monday.

The Revenue Secretary said that the total amount declared during the 90-day black money compliance window stands revised higher 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. 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.

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

The government on Friday warned that those who hadn’t taken advantage of the one-time compliance window on black money declarations could expect to have the full might of the new law used against them, seemingly brushing aside suggestions that the response to the 90-day grace period had been underwhelming.

“Black money compliance window: Those who did not declare have underestimated the power of information exchange. Will regret,” tweeted Economic Affairs Secretary Shaktikanta Das.

The one-time compliance window, under which persons having unaccounted overseas wealth could declare their assets and come clean by paying tax and penalty of 60 per cent, ended on September 30.

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