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Black Money:- Rs. 6,500 Crore Declared under the compliance window of the new law

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  • Rs. 6,500 crore of undisclosed foreign assets have been declared under the compliance window of the new law and the drive would continue despite its 'side effects'.
  • Modi said several important steps including agreements with countries like the US for real time sharing of information on Indian nationals holding assets abroad have been taken.
  • The government has enacted a new foreign black money law with stringent punishments.
  • The new law provided for a 90-day compliance window ending September 30 to foreign assets holders to declare undisclosed assets, pay a total of 60 per cent tax and penalty to escape jail term of up to 10 years. The tax and penalty on income declared under the window has to be paid by December 31.
  • PM Modi said, adding the money will be used for the welfare of the people.

Source:-
Rs 6,500 Crore Declared Under Black Money Law, Says PM Narendra Modi
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