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 $580 million (Rs.3,770 crore), an official statement said on Thursday.
The amnesty scheme ended 30 September. It called for a tax of 30 percent and an equal amount in penalty, that is to be paid before 31 December. The compliance window opened on 1 July.
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.