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  Business   Economy  07 Sep 2017  21,000 people disclose Rs 4,900 crore black money under PMGKY: Official

21,000 people disclose Rs 4,900 crore black money under PMGKY: Official

PTI
Published : Sep 7, 2017, 7:58 pm IST
Updated : Sep 7, 2017, 7:58 pm IST

The government has collected a tax of Rs 2,451 crore till now from these declarations.

Black money worth Rs 4,900 crore was disclosed by 21,000 people under the Pradhan Mantri Garib Kalyan Yojna (PMGKY). Photo: PTI
 Black money worth Rs 4,900 crore was disclosed by 21,000 people under the Pradhan Mantri Garib Kalyan Yojna (PMGKY). Photo: PTI

New Delhi: 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 demonetisation, an official said on Thursday.

A top official of the Income Tax Department said that the government 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 per cent. It closed on March 31 this year.

The scheme was announced after Prime Minister Narendra Modi declared the demonetisation of two high-value currency notes of Rs 1,000 and Rs 500 on November 8 last year.

Revenue Secretary Hasmukh Adhia, after the closure of the PMGKY window, had said that the response to the scheme has "not been so good."

 

Finance Minister Arun Jaitley had said that the PMGKY was preceded by similar schemes and hence the response to it by the public should not be seen in isolation.

"Keep 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 banking system knowing it would incur a tax liability and PMGKY was over and above that," he had said.

"When you look at the total amount of disclosures made, you have to look at all three of them collectively," the minister had said.

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.

 

Tags: pradhan mantri garib kalyan yojana (pmgky), black money, prime minister narendra modi
Location: India, Maharashtra, Mumbai (Bombay)