Prime Minister Narendra Modi has brought the Income Declaration Scheme which allows people with Black Money to voluntarily come forward and declare their black money and assets paying Tax and Penality. There will be no prosecution or harassment for those who declare the black money, the government announced.
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The window for the declaration is complete by September 30th. 64275 People have come forward and disclosed 65250 Crore. This may bring about 30000 Crore as Tax for the Central Government. It may be observed that it is One Crore per declaration. That means Modi government managed to catch the small fish while the big whales seem to have stayed away.
It has to be seen how the government tackles with whales now. Interestingly, our Hyderabad had topped in the maximum declarations in the country, more than the other metros in the country. It is said that one individual from Hyderabad came up in the last minute and disclosed Black Money of more than 10000 Crore.
