Under PMGKY, black money disclosed by 21,000 people amounts to Rs 4,900 crore
Source : NewsBharatiDate : 08-Sep-2017
New Delhi, 8 September: The biggest menace that the country has to deal with every time is black money. After the government announced demonetization, black money worth Rs 4,900 crore was disclosed by 21,000 people under the Pradhan Mantri Garib Kalyan Yojana (PMGKY), the stash money window.
The Income Tax Department has collected a tax amount 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," said a government official, 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 per cent.
Finance Minister Arun Jaitley had said that the PMGKY was preceded by similar schemes and hence the response to it by the police should not be seen in isolation. Jaitley said, “Keeping in mind that PMGKY in that financial year was not an isolated scheme. You first had the IDS, then you had people depositing cash in the banking system knowing it would incur a tax liability and PMGKY was over and that. When you look at the total amount of disclosures made, you have to look at all three of them collectively.”
The government had also termed the PMGKY as the one last window for black money holders to come clean by paying tax and penalty on their undisclosed illicit wealth. The PMGKY was preceded by the Income Declaration Scheme between June 1, 2016-September 30, 2016, where 71,726 declarations disclosing undisclosed income of 67,382 crore rupeese were made by black money holders. The government has collected over 12,700 crore rupees tax under the IDS till now.