21000 people disclose black money worth 4900 Cr under PMGKY

Black money worth 4,900 crore rupees was disclosed by 21 thousand people under the Pradhan Mantri Garib Kalyan Yojna (PMGKY), the stash money declaration window announced by the government post demonetisation. A top government official told that the Income Tax Department has collected a tax of 2,451 crore rupees till now from these declarations.

The official said that 4,900 crore rupees black money was disclosed under the PMGKY scheme that closed on March 31 this year. It was informed that these are now the final figures. The I-T department is now following up the legal processes with the declarants in few cases.The scheme was launched in December last year by the government to enable people with black money to come clean by paying tax and penalty of 50 per cent.

The scheme was announced after Prime Minister Narendra Modi declared the demonetisation of two high-value currency notes of 1,000 and 500 ruppes on November 8 last year.

The government had also termed the PMGKY as the one last window for black money holders to come clean by paying tax and penalty on their undisclosed illicit wealth.

The PMGKY was preceded by the Income Declaration Scheme between June 1, 2016-September 30, 2016, where 71,726 declarations disclosing undisclosed income of 67,382 crore rupeese were made by black money holders.

The government has collected over 12,700 crore rupees tax under the IDS till now.