Declare black money by September 30 or face strict action, Narendra Modi warns tax defaulters
He said the Supreme Court-monitored Special Investigation Team was working to ensure that illegally acquired amounts do not make it to foreign bank accounts.
Prime Minister Narendra Modi on Friday warned tax defaulters of strict action if they do not declare their undisclosed assets within the stipulated deadline of September 30, reported IANS. He said, “If you made a mistake knowingly or unknowingly, come to the mainstream now. I have given a way…If I take stern steps after September 30, no one can blame me,” during an interview with CNN-News18 on Thursday.
His remark came a day after the Central Information Commission asked the Prime Minister’s Office to reply to a Right to Information query that sought to know the status of Modi’s Lok Sabha election promise of bringing back black money deposited in foreign bank accounts to the country. The prime minister said on Thursday the Supreme Court-monitored Special Investigation Team was working to ensure that such illegally acquired amounts do not make it to foreign bank accounts. “We have made laws so that no one dares to send black money abroad from India. So more black money will not be generated,” he added
According to the Income Declaration Scheme introduced by the central government, domestic black money holders can declare their undisclosed income, pay 45% tax and penalty, and escape prosecution. However, Finance Minister Arun Jaitley has maintained that this scheme did not give tax defaulters immunity.