India Gets 638 Declarants For $580-Million Black Money

New Delhi, Oct 1 (IANS) India's drive against black money to get back ill-gotten wealth stashed away by its citizens abroad has drawn responses from 638 declarants for total assets worth Rs.3,770 crore ($580 million), an official statement said on Thursday.

India Gets 638 Declarants For $580-Million Black Money

The amnesty scheme ended September 30. It called for a tax of 30 percent and an equal amount in penalty, that is to be paid before December 31. The compliance window opened on July 1.

The official statement said the actual quantum of declaration, under what is called the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, was subject to a final reconcilitaion.

India has no official estimate about the quantum of black money stashed away by Indians abroad but unofficial estimates puts the sum somewhere between $466 billion and $1.4 trillion.

Read more about: black money
Story first published: Thursday, October 1, 2015, 14:00 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?