Prime Minister talks tough on black money at BJP meet

MODI SAID THE GOVT IS GIVING A CHANCE TO PEOPLE TO DECLARE BLACK MONEY BY SEPT 30, FOLLOWING WHICH THERE WILL BE NO RELIEF

NEW DELHI: Signaling his government’s tough line on domestic black money, Prime Minister Narendra Modi has told party leaders his government would spare no one with black money once the compliance window shuts on 30 September.

“Our government has announced a scheme, giving an opportunity to people to declare black money by September 30. Let it be know that there will be no relaxation afterwards. There will be no distinction between people close to us and others,” Modi told members of BJP’s national executive at Allahabad on Monday.

The two-day meeting concluded on Monday evening with PM reiterating before party leaders that people are not satisfied with mere sloganeering and they are concerned about nation building. A BJP source told Hindustan Times, “The message to party leaders was loud and clear that nobody should approach him for any relaxation to those who fail to disclose within compliance window their illegally amasses wealth. Action against black money is a poll promise for him.”The Centre had notified a one-time disclosure window under the Income Declaration Scheme 2016 to declare black money that opened on June 1. Under this scheme, the government gave an opportunity to domestic black money holders to come clean.

Under the scheme, they have to pay tax, penalty and a surcharge of 45% of the declared amount.

Those who volunteer under this scheme would be allowed to retain 55% of the declared income and get immunity from prosecution under various laws.

The law to deal with undisclosed income kept in foreign banks had yielded about `4,000 crore and the government had now turned its focus on domestic black money.