PM: 6,500 crore worth of foreign assets disclosed under compliance window

Prime Minister Narendra Modi, while addressing the nation from the ramparts of red fort on 15 August talked about their government's move to bring black money back to the country and how it will continue irrespective of its 'side effects'.

He said several important steps including agreements with countries like the US for real time sharing of information on Indian nationals holding assets abroad have been taken.

Also, the government has enacted a new foreign black money law with stringent punishments which some have termed as too harsh that may lead to inspector raj.

"Some of the diseases are dreadful, injection is required.

Doctors say the injection may have side effects but that is the only cure. People may see problems (in the new black money law) but that is the only solution," he said.

Modi said that immediately after coming to power in May last year, the BJP government constituted a Special Investigation Team (SIT) on black money and later enacted a Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

The new law provided for a 90-day compliance window ending September 30 to foreign assets holders to declare undisclosed assets, pay a total of 60 per cent tax and penalty to escape jail term of up to 10 years. The tax and penalty on income declared under the window has to be paid by December 31.

"So far, Rs 6,500 crore of undisclosed income have been declared", Modi said, adding the money will be used for the welfare of the people.

-PTI