October-2015 –

Over 600 stash holders disclose foreign assets worth Rs 3,700 crore

New Delhi: The government today said it received an amount of Rs. 3,770
crore from 638 declarations under the one-time black money compliance
window that closed yesterday.

"638 number of declarations have been received under the compliance

window declaring undisclosed foreign assets amounting to Rs 3770 crore.
These figures are subject to final reconciliation," the Finance Ministry said
in a statement based on figures provided to it by the CBDT.

It added that tax at the rate of 30 percent and penalty at the rate of 30
percent is to be paid by December 31, 2015. The window, created under
the new anti-Black money Act, saw a hectic rush on the last day yesterday
as declarants made a beeline to meet the deadline at the only I-T office
designated here for the task.

"Black Money (Undisclosed Foreign Income and Assets) and

Imposition of Tax Act, 2015 (the Act)

It has been enacted to deal with the menace of black money stashed
abroad. "The Act also provided for a compliance window for a limited period
to persons who have undisclosed foreign assets which they had not
disclosed for the purposes of Income-tax so far," the statement added.

The compliance window opened on 1st July, 2015 and was till 30th of
September 2015. It said the officer designated to receive declarations
worked till midnight even as the e-filing portal was also open till midnight to
receive the declarations.