Indians declare $9.5B in ‘black’ money

Tens of thousands of Indians have come forward over the past four months to declare a collective $9.5 billion in income that was never reported or taxed, India’s finance minister Arun Jaitley announced yesterday. Jaitley said that number could increase because some declarations are still being processed. Under a government plan announced by Jaitley earlier […]

Tens of thousands of Indians have come forward over the past four months to declare a collective $9.5 billion in income that was never reported or taxed, India’s finance minister Arun Jaitley announced yesterday.
Jaitley said that number could increase because some declarations are still being processed.
Under a government plan announced by Jaitley earlier this year, the 64,275 Indians who declared so-called black money during the four month period that ended Friday would pay 45 percent in taxes to the state but avoid criminal prosecution.
Prime Minister Narendra Modi, who vowed to curb tax avoidance when he was elected in 2014, congratulated both Jaitley and those who chose to declare their black money Saturday.