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India offers tax amnesty, $10 billion declared

Staff Writer | October 3, 2016
Nearly $10 billion of undisclosed assets have been declared during the tax evasion in India, the country's finance minister Arun Jaitley said.
Arun Jaitley
Taxes   India sent nearly 700,000 notices
During the four-month period 64,275 declarations were submitted. Jaitley said that tens of thousands people declared over $9.5 billion in undisclosed assets.

Prime Minister Narendra Modi’s government sent nearly 700,000 notices this year urging those with undisclosed taxes to come forward. If evaders declared their hidden assets and paid a penalty and a surcharge, they would not be pursued by authorities, the notice promised. Tax evasion or “black money” is a major issue in the country.

Based on the declarations compiled so far, the government estimates that it could raise about $4.5 billion from this scheme.

“Some disclosures have not been tabulated... This figure [$9.5 billion] could be revised upward once the final tabulation is done,” Jaitley said of the declarations.