India tax evasion amnesty uncovers hidden billions

India tax evasion amnesty uncovers hidden billions
 

A tax evasion amnesty in India has prompted tens of thousands of people to declare more than $9.5bn (£7.3bn) in undeclared income and assets.
Finance minister Arun Jaitley said the four-month window that ended on Friday brought in 64,275 declarations.
All were offered immunity from prosecution in return for paying tax, a surcharge and a penalty.
It is estimated that the government could raise nearly $4.5bn (£3.4bn) from the scheme.
Undeclared income or "black money" is a huge issue in India.
The government contacted about 700,000 suspected tax evaders earlier this year, urging... read more

 
1 October 2016 in World News, Views: 42
Source: BBC
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