21,000 People Disclosed Rs 4,900 Crore Black Money Under PMGKY

• Rs 4,900 crore black money was disclosed under the Pradhan Mantri Garib Kalyan Yojna
  
• The scheme enabled people with black money to come clean by paying tax and penalty of 50 percent
• Income Tax Department has collected a tax of Rs 2,451 crore till now
  
• Hasmukh Adhia said the response to the scheme has “not been so good.”
  

Black money worth Rs 4,900 crore was disclosed by 21,000 people under the Pradhan Mantri Garib Kalyan Yojna (PMGKY), the stash money declaration window announced by the government post demonetisation, an official said on Thursday.

The Income Tax Department has collected a tax of Rs 2,451 crore till now from these declarations, a top government official told PTI, adding that it is now following up the legal processes with the declarants in few cases.

The scheme was launched in December last year by the government to enable people with black money to come clean by paying tax and penalty of 50 percent. It closed on March 31 this year. It was announced after Prime Minister Narendra Modi declared the demonetisation of two high-value currency notes of Rs 1,000 and Rs 500 on November 8 last year.

Also Read: Demonetisation: The Big Event That Turned Out To Be A Non-Event

Revenue Secretary Hasmukh Adhia after the closure of the PMGKY window, had said that the response to the scheme has “not been so good”.

The scheme provided for payment of 49.9 percent tax, surcharge and penalty. Also, a mandatory deposit of 25 percent of the black money was to be made in a zero-interest bearing account for four years.

The PMGKY was preceded by the 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.

The government has collected over Rs 12,700 crore tax under the IDS till now.