BJP, Congress spar over Rs 3,770-crore recovery

The much-publicised amnesty scheme announced by the government for recovery of black money abroad has received a lukewarm response. <g data-gr-id="47">Government</g> on Thursday said it received an amount of Rs 3,770 crore from 638 declarations under the one-time black money compliance window that closed on September 30, inviting snide remarks from opposition Congress.

“638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3770 crore. These figures are subject to final reconciliation,” the Finance Ministry said in a statement based on figures provided to it by the CBDT. It added that tax at the rate of 30 per cent and penalty at the rate of 30 per cent is to be paid by December 31, 2015.

The window, created under the new anti-Black money Act, saw a hectic rush on the last day as declarants made a beeline <g data-gr-id="56">to meet</g> the deadline at the only I-T office designated here for the task. “Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) has been enacted to deal with the menace of black money stashed abroad.

“The Act also provided for a compliance window for a limited period to persons who have undisclosed foreign assets which they had not disclosed for the purposes of Income-tax so far,” the statement added. The compliance window opened on 1st <g data-gr-id="48">July,</g> 2015 and was till 30th of September 2015.

It said the officer designated to receive declarations worked till midnight even as the e-filing portal was also open till midnight to receive the declarations. Soon after the disclosure of the total amount, government declared that it would initiate “action” against those who have not disclosed their black money and assets stashed abroad. A tax at the rate of 30 per cent and a separate penalty at the rate of 30 per cent has to be paid by December 31, 2015 by these declarants after verification by the tax department.

The government disclosure immediately drew a reaction from Congress which said the “hollowness” of Prime Minister Narendra Modi’s claim on black money “stands exposed before the entire country”. Questions were also raised over the claim made by Modi in his Independence Day address in which he had said that Rs 6,500 crore of undisclosed foreign assets <g data-gr-id="54">have</g> been declared under the compliance window of the new law.

Congress spokesman Randeep Surjewala referred to Modi’s Lok Sabha election campaign speeches in which he had reportedly said that black money to the tune of Rs 80 lakh crore was stashed abroad and his government would bring it back in 100 days of coming to power. He had also promised to deposit Rs 15 lakh into the bank account of every Indian.

However, Finance Minister Arun Jaitley hit back at critics saying the sum of Rs 3,770 crore has been declared through the compliance window under the new anti-black money law and “that Rs 6,500 crore was different. This (Rs 3,770 <g data-gr-id="42">cr</g>) is different”.

“Before calling it a lie you should first clear your understanding, especially when you are associating the word lie with the Prime Minister.”