To come clean, Pune declares Rs 5,000 crore in black money

Across the nation, a total of Rs 65,250 crore of black money has been disclosed during the time window, Finance Minister Arun Jaitely announced on Saturday.

Written by Partha Sarathi Biswas | Pune | Published:October 2, 2016 1:39 am

At the end of the four-month window period, Pune has seen a declaration of around Rs 5,000 crore of undisclosed income, a figure much higher than the expectations of income tax officers.

Senior officers of the income tax department said around 5,000 people had availed of the window to declare their undisclosed income.

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Across the nation, a total of Rs 65,250 crore of black money has been disclosed during the time window, Finance Minister Arun Jaitely announced on Saturday.

In June, the central government had announced an amnesty scheme for declaration of income that is unaccounted for. Under the scheme, the declarants would be spared criminal and civil proceedings after they declare their undisclosed income on which they would have to pay around 45 per cent in taxes in three instalments between October 2016 and September 2017.

Untaxed or undisclosed income, also known as black money, has been a major political issue in the country. Prime Minister Narendra Modi has warned of stringent action against defaulters, which would include incarceration also.

Income tax officials in Pune said the collection was more than they had expected. Prior to the launch of the scheme, I-T officials had scrutinised a variety of data to unearth black money. Details of land transaction, high-end purchases at retail centres, vehicle purchases, bank transactions were also looked into. Many other sources of money circulation were also looked into before arriving at a rough estimate of voluntary disclosure.

“We had undertaken a massive public information campaigns to raise awareness about the matter and that has worked,” said a senior officer of the department.

Meanwhile, activist Vijay Kumbhar said Pune has long been a hub for black money related activities. “Majority of the real estate transactions are done through black money and this is just tip of the iceberg,” he said.

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