Prime Minister Narendra Modi said that those depositing black money abroad will face more problems once Switzerland starts sharing data with India about funds stashed by Indians there.
Amit Shah said, “There is a fear of the government (in the minds of the black money generators).”
“The government is, however, committed to taking all possible measures to bring back black money stashed by Indians in foreign countries,” he said.
A top I-T department official confirmed that the declarations have reached “well above Rs 300 crore as per latest updated data.”
A revised DTAA, with the new clause, was signed here today between India and Kazakhstan by CBDT Chairman Sushil Chandra and Kazakhstan Ambassador to India Bulat Sarsenbayev.
The searches conducted by IT Department between April 2014-Nov 2016 on 1,356 groups of assessees led to admission of undisclosed income of Rs 31,277 crore apart from seizure of undisclosed assets worth Rs 2,164 crore, said Jaitley.
We could have achieved the purpose set out for demonetisation with far lesser cost, lesser pain albeit with greater effort.
CBDT also said that average deposit per Jan Dhan account at Rs 13,113 during Nov 8-Dec 2 is not alarming.
Following the currency scrap, the total balance in these accounts had crossed Rs 65,000 crore to Rs 66,636 crore.
“We seized the currency from Shabbir Hussain, a trader based in Malkapur in Buldhana district of Maharashtra, during a screening at the checkpost. The entire cash stock was in the scrapped Rs 1,000 notes,” the SP said.
The SIT on black money has asked the RBI to set up a framework for sharing the data on the outflow of illicit wealth from the country with the enforcement authorities, an official statement said on Monday.
On June 6, PM Narendra Modi, in his talks with Swiss President Schneider-Amman, raised the issue of black money and tax evasion by Indians to which the latter offered to extend the level of cooperation.
As per a study by Ambit Capital Research, there has been a gradual contraction in India’s Black economy and the crackdown on black money has made the cost of capital costlier in the black economy.
Under the Income Declaration Scheme, persons making disclosure of unaccounted assets will be given time up to November 30 to pay taxes, penalty and surcharge totaling 45 per cent at the fair market value.
The advertisement said the fair market value of the asset declared, will be as on June 1, 2016 deemed to be the undisclosed income.