Black money compliance window: Govt collects Rs 3,770 cr from over 600 stash holders

Huge rush seen on last day as declarants made a beeline to meet the deadline

The government today said it received Rs 3,770 crore from 638 declarations under the one-time black money compliance window that closed yesterday.

"638 declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3,770 crore. These figures are subject to final reconciliation," the Finance Ministry said in a statement based on figures provided by the CBDT.

It added that tax at the rate of 30% and penalty at the rate of 30% is to be paid by December 31, 2015.

There was a rush on the last day yesterday as declarants made a beeline to meet the deadline at the only I-T office designated here for the task.

"Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) has been enacted to deal with the menace of black money stashed abroad.

"The Act also provided for a compliance window for a limited period to persons who have undisclosed foreign assets which they had not disclosed for the purposes of Income-tax so far," the statement added.

The compliance window opened on 1st July, 2015 and was available till 30th of September 2015.

It said the officer designated to receive declarations worked till midnight even as the e-filing portal was also open till midnight to receive the declarations.