India’s Income Tax deparment had come out with a amnesty scheme for people to declare black money stashed abroad to escape criminal prosecution. This scheme was operational from July to Sep 30 of this year.
A total of 638 people declared assets totalling Rs.41.47 Billion, and at 60 percent, tax collection is estimated at Rs.24.88 Billion.
However, this scheme comes with a rider. If the department already had the name of the declarant as a suspect with them before the scheme was launched, then the person will not get advantage of the scheme, and will face criminal prosecution instead.
