Nearly 300 individuals have used a one-time compliance window for disclosing black money under a new law brought in by the National Democratic Alliance government by Wednesday evening, declaring around Rs 3,000 crore. The government expects more declarations before the deadline ends at midnight on Wednesday.
“About Rs 3,000 crore has been declared by around 300 people,” a government official said. One person has reported Rs 200 crore, the highest declaration under the scheme, which allowed individuals to declare undisclosed foreign income or assets. The amount appeared small given the quantum of wealth Indians are supposed to hold abroad. Global Financial Integrity India, an international NGO, estimates an outflow of $44 billion from India every year during 2003-12.
There is, however, no universally accepted figure for Indian money in overseas accounts. Under the Voluntary Disclosure of Income Scheme (VDIS) of 1997, the government netted Rs 7,800 crore at a time the economy was much smaller. The total quantum of undeclared wealth was over Rs 26,000 crore, which was taxed at 30%.
The original article can be found at economictimes.indiatimes.com