21k people disclose Rs 4,900 crore black money

Sep 15, 2017, 04:00 AM

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, a top government official told PTI, has collected a tax of Rs 2,451 crore till now from these declarations. 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 per cent. It closed on March 31 this year. The scheme 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. The government had also termed the PMGKY as the one last window for black money holders to come clean by paying tax and penalty on their undisclosed illicit wealth. The scheme provided for payment of 49.9 per cent tax, surcharge and penalty.