50 pc tax on black money disclosure; scheme opens tomorrowDecember 16, 2016 17:06
Revenue Secretary Hasmukh Adhia is addressing a press conference in New Delhi.
* "Unaccounted cash can be disclosed under Pradhan Mantri Garib Kalyan Yojana that comes with 50% tax and penalty starting from tomorrow till March 31, 2017."
* "We want people to join PM Garib Kalyan Yojana and through this scheme they contribute to welfare of the people."
* "Citizens can email the government to give information on black money. The information can be sent to firstname.lastname@example.org"
* "Declarations under new black money disclosure scheme to be kept confidential; info not to be used for prosecution."
* Receipt of tax paid on deposits will have to be shown to avail disclosure scheme benefits, including immunity from prosecution."
* Financial Intelligence Unit is analysing and monitoring deposit information.
* Don't want inspector-raj to affect people, the people should understand that all information about their deposits is with the department.