GoI has urged people to take advantage of the last window for disclosing black money and make declarations under the Pradhan Mantri Garib Kalyan Yojana that opens on 17th Dec, 2016.
The Pradhan Mantri Garib Kalyan Yojana provides for 50 percent tax and surcharge on declarations of unaccounted cash deposited in banks.
Declarants also have to park a quarter of the total sum in a non-interest bearing deposit for 4 years.
The government also released an email id
blackmoneyinfo@incometax.gov.in and urged people to mail any information about people who have black money.
PMGKY will close on March 31, 2017.
Disclosure under the scheme will attract 50% tax and penalty. Declarations under the black money disclosure scheme will be kept confidential. Information will not be used for prosecution.
Receipt of tax paid on deposited will have to be shown to avail disclosure scheme benefits including immunity from prosecution.
Currently, INR 393 crore of cash and jewellery has been seized of which INR 316 crore is cash and the rest is bullion and jewellery. Of the total INR 316 crore, INR 80 crore is in new currency.
Raids have revealed INR 2600 crore of concealed income.
