• Sunday, December 04, 2022

Business

Indians disclose $10 billion in hidden wealth in tax evasion amnesty

Arun Jaitley announced the success of the amnesty scheme

By: Eastern Eye Staff

A government amnesty targeting tax evasion in India has prompted tens of thousands of suspected tax dodgers to disclose nearly $10 billion (£7.7bn) in undeclared income, the finance minister said on Saturday (October 1). The government of prime minister Narendra Modi sent out about 700,000 notices earlier this year to suspected evaders to coax them to declare hidden income and assets, known as “black money” in India. They were promised they would not be pursued by authorities if they came clean and paid a penalty. Finance minister Arun Jaitley told reporters the four-month scheme that closed on Friday had led…

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