Declare Black Money by September 30 or Face Action, Warns PM Modi
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Warning black money holders of stringent action including imprisonment, Prime Minister Narendra Modi said on Saturday that those with undisclosed wealth, most of which is parked in jewellery
and real estate, should come clean.
At a function jewellers organised to felicitate him, Modi said he is aware of people going to bullion merchants with “cartload” of money and a message has to be delivered to them to come
clean using the one-time compliance window closing on 30 September.
Stating that people have been jailed in the past for evading taxes, he said the government should not be forced to resort to the same after 30 September.
Under the Income Declaration Scheme (IDS) which opened on 1 June, black money holders can come clean by declaring the assets by 30 September and paying tax and penalty of 45 percent
thereafter.
The Income Tax department has already identified 90 lakh high value transactions without PAN. As part of the scrutiny, the department will initially issue 7 lakh letters to those who have
indulged in such transactions seeking their details.
Referring to the ambitious plan to mobilise idle gold lying with households and temples, the Prime Minister said that since jewellery is used only 2-5 times in a year by holders, it is
better loaned to the government for boosting economy.
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