Govt’s Black Money declaration drive has flopped! Only 638 declarations made amounting to just Rs 3,770 cr

The finance ministry said it has received Rs 3,770 crore from 638 declarations under the one-time black money compliance window under the new anti-Black Money Act.

The deadline to make declarations was September 30.

"638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3770 crore. These figures are subject to final reconciliation," the Finance Ministry said in a statement based on figures provided to it by the CBDT.

The ministry further stated tax at 30% rate and penalty at 30% is to be paid by December 31 this year.

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The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 was enacted to deal with 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 July 1 this year.

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