Administration Finance

21,000 People Disclose Rs 4,900 Cr Black Money Under Government Scheme

21,000 People Disclose Rs. 4,900 Crore Black Money Under Government Scheme

Black money worth Rs. 4,900 crore was disclosed by 21,000 people under the Pradhan Mantri Garib Kalyan Yojna (PMGKY), the stash money declaration window announced by the government post demonetization, an official alleged today.

The Income Tax Department, a top government official told news agency PTI, has collected a tax of Rs. 2,451 crore till now from these declarations. “21,000 people disclosed Rs. 4,900 crore of black money under the PMGKY scheme that closed on March 31 this year. These are now the final figures,” the official said, adding that the I-T department is now following up the legal processes with the declarants in few cases.

The scheme was launched in December last year by the government to enable people with black money to come clean by paying tax and penalty of 50 percent. It closed on March 31 this year. The scheme was announced after Prime Minister Narendra Modi declared the demonetization of two high-value currency notes of Rs. 1,000 and Rs. 500 on November 8 last year.

Revenue Secretary HasmukhAdhia, after the closure of the PMGKY window, had said that the response to the scheme has “not been so good”. The PMGKY was preceded by the Income Declaration Scheme (IDS), between June 1, 2016, September 30, 2016, where 71,726 declarations disclosing undisclosed income of Rs. 67,382 crore were made by black money holders. The government has collected over Rs. 12,700 crore tax under the IDS till now.