Black money: Those with unaccounted wealth abroad to face action, warns FM Jaitley

Zee Media Bureau

New Delhi: Finance Minister Arun Jaitley on Friday said those who have come clean under the black money compliance scheme don't need to worry but those with unaccounted wealth abroad will face action, according to Times of India report.

The government received nearly 638 declarations under one-time compliance window for disclosing black money. An amount summing to Rs 3,770 crore had been declared, the last date for declaration was September 30.

"Those who did not declare have underestimated the power of information exchange and will regret. Fight against black money is a part of economic reforms. As a country we can't allow ghost economy to undermine real economy and growth," Economic Affairs Secretary Shaktikanta Das tweeted on Friday.

Das's tweets referred to the new treaties under which countries will give each other access to financial information making it difficult for anyone to cover up income in tax havens and other jurisdictions.  

Tax at the rate of 30 percent and penalty at the rate of 30 percent is to be paid by December 31, 2015.

The finance minister said honest taxpayers need not fear and pointed out that of the over five crore assesses, only three lakh cases were taken up for scrutiny through a random process. Of these, nearly two lakh cases have been settled, with about lakh going into litigation.

Earlier, when the finance minister was asked if the amount disclosed was less than expected, he said that this is not a matter of assumption. It is a matter of fact.

The government had earlier said it would adopt a tough stance against those who continue to stash unaccounted for wealth overseas.

With Agency Inputs