1. Surat Businessmen proudly flaunt their black money through posters post the IDS

Surat Businessmen proudly flaunt their black money through posters post the IDS

While the Modi government is patting their own backs for the hugely successful Income tax declaration scheme that has brought forward Rs 65,250 cr of black money, there are few declarants doing that on their own.

By: | New Delhi | Published: October 4, 2016 8:55 AM
Indian rupee vs US dollar As per reports, the last one hour to the deadline of the scheme last Friday, from 11 pm to 12 am, witnessed an estimated Rs 100 crore being disclosed by businessmen in Surat, 60 per cent of it coming from real estate. (Reuters)

While the Modi government is patting their own backs for the hugely successful Income tax declaration scheme that has brought forward Rs 65,250 cr of black money, there are few declarants doing that on their own. Yes, in a surprising incident, businessmen in Surat have been flaunting the amount of black money they declared as a proud achievement.

With being the topper of the IDS list in Gujarat, Surat already accredited Rs 2,500 crore in the big number of the statewise corpus of Rs 4200 crore.

So, some businessmen of Surat were so proud of their assest that not only did they breach the confidentiality clause of Income Tax department by declaring them, one of them went a step ahead and put posters outside his home until he was asked to take it down!

The IDS kicked in June 1, the last date being September 30. In the first two months, sources said, not many were forthcoming after which Income Tax officials began an awareness drive, meeting realtors, textile and diamond businessmen and chartered accountants.

While in the initial months, the surveys couldn’t generate much money, the last fortnight saw it multiplying manifolds.

So while one group of diamond merchants in Surat, Suvidha Enterprise proudly put banners stating that they are listed under the IDS, another one Kuberji Developers told Indian Express ‘Under IDS, we disclosed unaccounted money to the tune of Rs 41 crore. We are happy that this money will go directly to Central government and it will be used for a good purpose — building bridges, roads, water canals, dams. Many people will benefit.’

As per reports, the last one hour to the deadline of the scheme last Friday, from 11 pm to 12 am, witnessed an estimated Rs 100 crore being disclosed by businessmen in Surat, 60 per cent of it coming from real estate.

The government promoted the IDS shceme through advertsiement campaigns to make people come out in the open and looks like that worked, a little too much for Surat bussinessmen though!

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