Govt gets Rs 3,770 cr undisclosed income from 638 claims

Jaitley says there are more declarations

The government on Thursday announced that it has received Rs 3,770 crore from 638 declarations under the one-time black money compliance window that closed on September 30 and came in for flak from Congress which said Prime Minister Narendra Modi’s claim to deposit Rs 15 lakh to every account was ‘hollow’.

“638 number of 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.

The statement said that tax at the rate of 30 per cent and penalty at the rate of 30 per cent will have to be paid by December 31, 2015.

The government also said that it will initiate action against those who failed to comply with the norm on undisclosed income.

“Whatever has come, we accept it and now onwards we would start the action against those people who have not declared any asset and about whom the information would come to us,” he told reporters here.

Adhia said the window was the only opportunity for people to come clean in this regard and the government had no particular figure of money in mind that would come out after this 90-day exercise that finished on September 30.

But the Opposition Congress said that government’s assurance on black money stands exposed.

"What we have today after the passage of black money Bill and 16 months of NDA government taking over is only Rs 3,770 crore," Congress spokesperson Randeep Surjewala said.

Finance Minister Arun Jaitley, however, retorted saying it a Congress’ lack of understanding on the issue.

He said Rs 3,770 crore came only under the compliance window. There were other declarations of undisclosed income too.