1. Those did not take advantage of black money window will regret: Shaktikanta Das

Those did not take advantage of black money window will regret: Shaktikanta Das

Committing to fight the menace of black money, Finance Ministry today said that those who have not taken advantage of the compliance window to declare their unaccounted overseas assets and come clean will "regret."

By: | New Delhi | Published: October 2, 2015 9:22 AM
Shaktikanta Das

Committing to fight the menace of black money, Finance Ministry today said that those who have not taken advantage of the compliance window to declare their unaccounted overseas assets and come clean will “regret.” (PTI)

Committing to fight the menace of black money, Finance Ministry today said that those who have not taken advantage of the compliance window to declare their unaccounted overseas assets and come clean will “regret.”

“Fight against black money is a part of economic reforms. As a country we can’t allow ghost economy to undermine real economy and growth,” Economic Affairs Secretary Shaktikanta Das said in a tweet.

Only 638 declarations for a total overseas wealth totalling Rs 3,770 crore were made during the 90-day compliance window under the Black money (undisclosed foreign income and assets) and Imposition of Tax Act, 2015.

“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.

“Black money compliance window: Those who did not declare have done it at their own peril and will regret,” said Das, who was Revenue Secretary when the scheme was formulated, said in another tweet.

As regard sharing of information, the government signed an agreement with the US on implementing the Foreign Account Tax Compliance Act (FATCA), which allows automatic exchange of tax information between the two countries with effect from September 30.

Secondly, the multilateral Automatic Exchange of Information (AEOI) agreement, which will come into force from 2017, will help the government is getting tax related information from several jurisdictions across the world.

As on March 18, 58 jurisdictions (including India) have committed to share information under AEOI by 2017. A further 36 jurisdictions have committed to share by 2018, including jurisdictions which have beneficial tax regime.

Tags: Black Money
  1. Hemen Parekh
    Oct 2, 2015 at 3:42 pm
    FROM GREED TO GREAT ? In my blog of 18th Sept , I had estimated BLACK MONEY disclosure of ( may be ) , Rs 40,000 crores , under Undisclosed Foreign Income and ets Act - 2015 That would have netted Government , Rs 24,000 Cr by way of tax / penalty I was way off the mark ! The 3 month opportunity window closed two days back , with a disclosure of Rs 3770 cr , by 638 persons , netting Govt Rs 2262 cr ! Quite like , " Digging the Mountain to find the Mouse " Now , some knowledgeable persons / organizations have estimated that the amount of BLACK MONEY stashed away domestically , could be close to, Rs 25 Lakh*Crores ! But then , man-on-the-street guesses that to be Rs 100 Lakh*Crores ! Time and again , that common man have proved the pundits wrong ! I suppose , the common man knew all along that half-hearted amnesty schemes are bound to fail , as in the past But pundits refuse to learn from their past mistakes ! They refuse to recognize that nowhere in the World , any Government has succeeded at any time to legislate the GREED away ! And fail to understand why NDA government is hesitating to harness the unlimited power of SUN - the almighty SUN OF GREED By : * Abolishing Personal Income Tax ( source of the DARKNESS of CORRUPTION ) * Stop asking any questions as to the " Source " for all cash deposits made into bank accounts opened under Jan Dhan Yojana * Levy a Bank Transaction Tax ( BTT ) of 2 % to yield revenue of Rs 15 lakh*crores , which would be 5 times the loss of revenue due to abolition of Personal Income Tax * Encourage deposits made into Jan Dhan bank accounts to be invested in SOLAR POWER SPV Farms , by direct depositing of income derived ( from of electricity to DISCOMs ) into those bank accounts - again free of Personal Income Tax ( setting in motion, a VIRTUOUS CIRCLE ! ) NDA is planning to harness 100 GW of Solar Power by 2020 If above-mentioned suggestion is implemented , India could harness 1000 GW of Solar Power by 2020 ! Just imagine what that could do to GDP / SELF-EMPLOYMENT / CLIMATE Let us harness GREED to make INDIA GREAT ! ------------------------------------------------------------------------------------- hemen parekh 02 Oct 2015 B2BmessageBlaster
    Reply
    1. K A Prasanna Ananthamurthy
      Oct 2, 2015 at 12:28 pm
      Most of them are powerful businessmen, industrialists and politicians whom you will never be able to touch them.
      Reply

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