Black Money: Govt collects Rs 3,770 crore in 3 Months

Government on Thursday said it received an amount of Rs 3,770 crore from 638 declarations as untaxed or black money in a three-month window that ended on Wednesday. “These figures are subject to final reconciliation,” the Finance Ministry said in a statement based on figures provided to it by the Central Board of Direct Taxes.

The 90-day compliance window was created under the new Black Money law that also set up a team of regulators and ex-judges to identify those who have secret accounts abroad. “Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 has been enacted to deal with the menace of black money stashed abroad.
While there is no official estimate of the amount of money illegally deposited abroad, Washington-based think-tank Global Financial Integrity has estimated that the outflows were around $ 344 billion or Rs. 22.5 lakh crore between 2002 and 2011.