Rs 64,275 crore revealed in black money disclosure scheme IDS

Finance minister Arun Jaitley announced that 64,275 Cr declarations had been made under the scheme, which was open for four months and closed on September 30.Based on the current declarations, the Centre is likely to get tax revenues of Rs 29,362 crore.Jaitley said Rs 65,250 crore worth “black money” was disclosed in the form of cash and other assets during a four-month window — Income Disclosure Scheme (IDS) — that ended Friday. He said 64,275 declarations were made with an average of Rs 1 crore each filing.Surpassing expectations, the Centre’s move to unearth black money received a robust response with the total amount declared under the Income Declaration Scheme totalling Rs 65,250 crore.
He said the number is expected to go up once all the declarations are verified. Based on the current declarations, the Centre is likely to get tax revenues of Rs 29,362 crore, of which Rs 14,700 crore will flow into its coffers by March and the rest in the next fiscal year.The declarations are seen as a major success for the government

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