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3:11 pm - Sunday November 25, 4694

Black Money

All the laud talks of Mr Narendra Modi during the Lok Sabha election campaigns over the quick and whole recovery of black money stashed in foreign bank secret accounts proved to be damp squib when he got elected and assumed power.

His assertions proved to be “proverbial” stories told by Modi full of sound and fury signifying nothing. Even his Union Finance minister Mr Arun Jaitley claimed to be on hot pursuit of black money and claimed success soon. But the ruling Bhartiya Janata Party National President Mr Amit Shah dismissed the Modi declaration as “mere a sentence”.

There is no point in giving time for voluntary disclosure of black money and it also proved to be a utter failure. The 90-day time to declare such black wealth yielded just 3,770 crores of rupees much below the amount declared by Mr Modi to be equal to Rs 15 lakh per Indian and the population of India is 125 crore of people. What has been voluntarly disclosed is even not peanut to the huge amount assessed by Mr Modi. In the last 3 months (90 days) time only 638 persons have availed the Voluntary Disclosure Scheme (VDS).

Now they are to deposit 60 per cent of declared money with the government in the basis of 30 per cent tax and 30 per cent penalty till 31st December this year. Those who have not availed this 90 days offer they will when caught well have to pay 120 per cent penalty along with jail term. The VDS compliance window was opened for 90 days in July 1 last and closed on September 30 in 2015. The Centre has decided to crack down on those who have still hidden black wealth with them.

The Central Government is arming itself to take over all such undeclared assets in foreign back in government accounts as confiscation or forfeit it. The special investigation team of the Central Government on the black money has formulated a proposal that will automatically make all the undeclared assets abroad a property of the Indian Government.

The Central Board of Direct taxes has already warned that all consequence of law will follow and the Government will go after black money holders. The Union Finance Ministry has admitted that the yield declared is just too less and the number of disclosure much too small.

Posted in: Editorial

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