In­di­ans de­clare bil­lions in black money amnesty

7 Days in Dubai - - GLOBAL NEWS -

Tens of thou­sands of In­di­ans have de­clared a to­tal of $9.5 bil­lion in money that was ei­ther il­le­gally ob­tained or not de­clared for tax pur­poses as part of a one­time op­por­tu­nity to come clean un­der a gov­ern­ment scheme, In­dia’s fi­nance min­is­ter said. The dec­la­ra­tions of the “black money” by 64,275 peo­ple came in a four­month win­dow that ended on Fri­day, al­low­ing them to pay a tax, sur­charge and penalty to­talling 45 per cent to avoid pros­e­cu­tion, Fi­nance Min­is­ter Arun Jait­ley (pic­tured) said at a news con­fer­ence. Prime Min­is­ter Naren­dra Modi won elec­tions in 2014 promis­ing to curb cor­rup­tion, the flow of black money abroad and lack of fi­nan­cial trans­parency.

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