Updated: December 16, 2016 6:39:16 pm
Revenue Secetary Hasmukh Adhia on Friday announced that the government has set up an email address where people can send in information of those hoarding black money. “A new email ID created for people to give information on black money to tax authorities,” Adhia announced during a press briefing, adding that amount deposited in banks does not mean it’s white, unless tax is paid on the amount.
The email id, firstname.lastname@example.org, will be monitored by a cell which will take immediate action of the tip-offs they receive. “People can give information about those trying to convert black money into white on this email address,” he said.
Announcing that previously undeclared money which has now been deposited in the bank won’t automatically be treated as white money, the revenue secratery announced that a tax disclosure scheme will open Saturday and close on March 31, 2017. “Unaccounted cash can be disclosed under PM Garib Kalyan Yojana (PMGKY). The disclosures will attract 50% tax and penalty,” Adhia said, adding that, “We want people to join PMGKY and through this scheme they contribute to welfare of the people.”
The government plans to keep the declarations made under the new money disclosure scheme confidential. “Declarations under new blackmoney disclosure scheme to be kept confidential, informantion won’t be used for prosecution,” said the revenue secretary. Receipt of tax paid on deposits will have to be shown to avail disclosure scheme benefits including immunity from prosecution, he added.
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