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Muted response to black money disclosure window

Assets worth only Rs 4,000 cr declared till mid-August; govt expects pick-up in last 2 weeks

Dilasha Seth & Nivedita Mookerji  |  New Delhi 

The government's effort to get people to voluntarily disclose their black money, under the Income Declaration Scheme (IDS), has had a tepid response, with only about Rs 4,000 crore reported till mid-August. The four-month window for disclosing black money deposits will close at the end of this month. The informal target for the scheme was tax collection of Rs 40,000-50,000 crore.

To collect that amount, the disclosure would have have to be about Rs 1 lakh crore. Those availing of this scheme would have to pay 45 per cent of their disclosed amount as tax, penalty and cess. Sources said ...

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First Published: Mon, September 12 2016. 06:36 IST
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