Only 3,770 cr stash surfaces

FinMin says they need to pay tax at 30%, penalty at 30% by Dec 31

New Delhi: Undisclosed foreign assets amounting to Rs 3,770 crore were disclosed in 638 declarations before the one-time black money compliance window that closed on Wednesday, an issue on which political sparring started immediately.

"638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3,770 crore.

These figures are subject to final reconciliation," the Finance Ministry said in a statement.

It added that tax at the rate of 30 per cent and penalty at the rate of 30 per cent is to be paid by December 31, 2015.The compliance window saw a hectic rush on the last day Wednesday as declarants made a beeline to meet the deadline at the only I-T office designated here for the task.

Soon after the disclosure of the total amount, the government declared that it would initiate "action" against those who have not disclosed their black money and assets stashed abroad.

The government disclosure immediately drew derisive reaction from Congress which said the "hollowness" of Prime Minister Narendra Modi's claim on black money "stands exposed before the entire country".

Questions were also raised over the claim made by Modi in his Independence Day address in which he had said that Rs 6,500 crore of undisclosed foreign assets have been declared under the compliance window of the new law.

"What we have today after the passage of black money Bill and 16 months of NDA government taking over is only Rs 3,770 crore," Congress spokesman Randeep Surjewala said adding that the then BJP President Rajnath Singh had also made a similar solemn pledge.

In Patna, Finance Minister Arun Jaitley hit back at critics saying the sum of Rs 3,770 crore has been declared through the compliance window under the new anti-black money law and "that Rs 6,500 crore was different. This (Rs 3,770 cr) is different".

Revenue Secretary Hasmukh Adhia said the tax department will initiate "action" against those who have not disclosed their black money and assets stashed abroad as the compliance window has closed.

Adhia said the window was the only opportunity for people to come clean in this regard and the government had no particular figure of money in mind that would come out after this 90-day exercise that finished on Wednesday.