Rs.3, 770 crore collected from black money holders

The Union Finance Ministry announced that it has received an amount of Rs. 3, 770 crore from 638 declarations under the one-time black money compliance scheme announced by Government of India on July 1, 2015 that ends on yesterday mid-night. It is the amount received in the form of 30% tax and another 30% fine levied on the black money declared by 638 holders. However, these figures are subject to change during final reconciliation. There was sudden rush of black money account holders seen on Wednesday at Income Tax counters specifically arranged for this purpose as yesterday was the last day for paying penalties on the black money.  Black money account holders may have used this one-time compliance scheme after sniffing troubles from the Modi government.

Government of India may start taking stringent actions against those persons whose names were listed by SIT earlier for undisclosing their black money. Modi Government may use the amended act of Undisclosed Foreign Income and Assets, Imposition of Tax act, 2015 against them.