The Centre on Friday announced the Prime Minister’s Garib Kalyan Yojana – a new scheme for tax defaulters to declare their unaccounted for cash between December 17 and March 31, 2017. “The disclosures will attract 50% tax and penalty,” said Union Revenue Secetary Hasmukh Adhia. Under the new scheme, declarants will also have to deposit a quarter of the total sum in a non-interest-bearing account for four years.

Similar to the earlier Income Declaration Scheme, the window for which ended on September 30, declarations made under the new one will also be kept confidential. “Information will not be used for prosecution,” the revenue secretary said, clarifying that it does not provide immunity from the Criminal Acts.

Tax defaulters who fail to declare their undisclosed income will have to cough up a minimum 77% and up to 100% in tax and fines. The scheme is a part of the Taxation Laws (Second Amendment) Bill, 2016, which was passed by the Lok Sabha on November 29.

Moreover, the Centre urged citizens to send tip offs to unearth black money, for which it has set up an email account – The ID will be monitored by a cell that will initiate action immediately after receiving details of operations of the shadow economy. “People can give information about those trying to convert black money into white,” Adhia said, adding that black money can be converted to white only by paying taxes and not just depositing cash in the bank.