Black money worth Rs 4,147 cr disclosed under new law

Government today said Rs 4,147 crore has been disclosed under the black money compliance window, higher than Rs 3,770 crore stated earlier, and those who did not use the opportunity to come clean have taken the "risk" and will face consequences.
"It is the risk they have taken...We would be going after them," Revenue Secretary Hasmukh Adhia said while answering questions on government's action plan to deal with those who did not disclose their overseas assets during the 90-day compliance window that ended on September 30.
Adhia said while the total number of disclosures is 638 as stated last week, the total illegal foreign assets brought to book stands at Rs 4,147 crore.

The government's total tax receipt from the black money declared during the window will be Rs 2,488.20 crore.
The government had on October 1 said that Rs 3,770 crore of black money was declared during the compliance window. This, Adhia said, was based on preliminary count of the declarations made.
Talking about steps to unearth overseas black money held by Indians, he said: "Whatever information we have got from whatever sources so far, we have been assessing them, we have been putting penalty on them, we have been filing prosecution."

Referring to the information relating to HSBC Bank, Adhia said 132 prosecutions have been filled in 43 cases.

"So a lot of action is happening in case of information which is already received by us," he said, adding the tax demand of Rs 4,562 crore has been raised with regards to HSBC cases.
In terms of requesting information on specific cases from other countries, Adhia said the number of such requests has almost doubled as about 1,600 such requests were sent in 2014-15 compared to 800 in the previous year.