Black Money Scheme Government recovers Rs. 65250 crore

Black Money Scheme Government recovers Rs. 65250 crore

Income Declaration Scheme 2016 unearths Rs.65250 crores of hitherto Undeclared Income and Assets; 64275 declarations filed under IDS-2016 up to the midnight of 30th September, 2016

The Income Declaration Scheme, 2016 came into effect from 1st June, 2016.
As Indian Government is not able to caught the Indian Citizens who do not pay income tax, who create black money time to time Indian Government keeps bringing black money schemes because of this schemes the people get encouragement to create more and more black money as they know that nothing is going to happen.
 
The Income Declaration Scheme, 2016 provided an opportunity to persons who had not paid full taxes in the past to come forward and declare their domestic undisclosed income and assets.

Last day of the Declaration was 30th September, 2016.
Difficulties with respect to payment of taxes in a short span were removed by permitting payment of tax in 3 instalments, the last being in September 2017. Absolute confidentiality of the declarations made was promised under the scheme to reassure the declarants.

The scheme provided 100% protection to people who do not declare income tax and enjoy life with the black money.

Government of India, Indian PM Modi everyone requested citizens to pay the taxes even advertisement was shown so that criminal people or people who do not pay taxes will pay the taxes, their money will become legal and they will again become free to create new black money.


More than 5500 public meetings in various cities were conducted by the department. Innovative publicity methods like Talkathons, Walkathons, Nukkad Nataks, were used to spread awareness about the Scheme.

Because of these 64275 declarations were filed upto the midnight of 30th September, 2016 with an aggregate of Rs.65250 Crore worth of hitherto undeclared incomes in the form of cash and other assets being declared.

With the final stock taking of declarations being filed in physical printed forms all over the country till late night on the last day, this number is likely to be further revised upwards. 

This Scheme was the latest initiative of the BJP Government towards tackling black money.

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Saturday, October 1, 2016

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