Black Money Unearthed Under Pmgky

Pradhan Mantri Garib Kalyan Yojna (PMGKY) brought out the hidden black money under the Declaration Window announced after demonetization, as per the Government information.  The report further adds that:

1. The scheme was announced by the Government last year, which enabled converting black money in to white, by paying a tax penalty of 50 per cent after the demonetization move.
2. The scheme paved way for payment of 49.9 per cent tax, surcharge and penalty.
3. Further, it was compulsory to deposit 25per cent of the black money in a Zero interest bearing account for a period of four years.
4. An income tax report adds about collecting a tax of Rs. 2451 crore till date, from these declarations.
5. 21000 people have disclosed Rs. 4900 crore of black money under the PMGKY scheme which was closed on 31^st March 2017. This is said to be the final figure as ondate.
6. IT department is now ahead with the legal proceedings in respect of certain declarations.
7. Though the response is not to the expected extent, department officials attributed the reason for similar schemes announced in the preceding days.
8. Prior to PMGKY under Income Declaration Scheme (IDS), between June 1, 2016-September 30, 2016, where 71,726 declarations disclosing undisclosed income of Rs 67,382 crore were made by black money holders.
9. It is informed that more than Rs 12,700 crore tax has been collected under the IDS till now.