India gets 638 declarants for USD 580 million black money

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New Delhi: India's drive against black money to get back ill-gotten wealth stashed away by its citizens abroad has drawn responses from 638 declarants for total assets worth Rs.3,770 crore ($580 million), an official statement said on Thursday.

The amnesty scheme ended September 30. It called for a tax of 30 percent and an equal amount in penalty, that is to be paid before December 31. The compliance window opened on July 1.

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The official statement said the actual quantum of declaration, under what is called the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, was subject to a final reconcilitaion.

India has no official estimate about the quantum of black money stashed away by Indians abroad but unofficial estimates puts the sum somewhere between $466 billion and $1.4 trillion.

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