Jayant Sinha, the Minister of State (MoS) for Finance, on Monday said that India is pursuing all the foreign black money ‘very aggressively’, reported the ANI.
Sinha, while talking about the compliance window provided by the government to black money holders, said that it was done to ‘provide an opportunity for people to come clean’.
The Central Government had provided a compliance window for people to disclose their black money without having to face prosecution. Those who disclosed their money were asked to pay a tax and penalty of 30 per cent each.
However, only around 300 people used this opportunity to declare assets worth more than Rs 4,000 crore before it ended in October 2015.
Finance Minister Arun Jaitley announced another four-month compliance window from June 1, 2016 till September, 30 for people to disclose their income by paying a total of 45 per cent in taxes and penalty.
We expect that as we continue with automatic exchange of info more of these kinds of sources of black money will come to light- Jayant Sinha
— ANI (@ANI_news) June 27, 2016
“Since then window has shut tight and all of our investigation and efforts have been underway,” said Sinha.