India comes in the first place among the topper countries of black money deposit. India has 1,500 billion dollar in the Swizz bank which is 4 times higher than the second topper Russia says the report.
The Indian government found only Rs. 3770 cores of foreign black money with 638 declarations made to the government. There is no evidence of many lakh crores money remaining black in foreign.
Many Indians have deposited lots of money in foreign countries like Switzerland and Germany to avoid tax payment and due to their illegal earnings. Many industrialists, politicians, Government officials have their black money account in foreign countries.
The central government asked the people to come forward and submit their black money account and they have given 3 months time from July 1st to September 30th. Special website was created to submit their illegal property or money in the foreign or they shall directly contact Delhi Income Tax department. Government announced their details will be kept confidential.
Prime Minister Modi on the speech at Independence Day said government is expecting more than Rs. 6500 crores. But only 3770 crores were disclosed on Wednesday gives disappointment to the government.
PM Modi government struck into various criticisms that it failed to keep up promise what they made during last election to retrieve all the foreign black money. During the Lok Sabha election Modi said Rs. 80 lakh crores back money are in the foreign nationals and could bring back within 100 days and what happened now says the congress spokesman Randeep Surjewala.
Home Minister Arun Jaitley says the amount stated is only the amount driven by the people themselves to the government. The retrieving the foreign black money is the separate action of the government and said not to mingle these two.
The people who submitted their black money accounts will be charged tax 30 percent and 30 percent as the penalty and they will be let free. If government finds those who still having their illegal money and those who didn't submit will be charged 120 percent penalty and will be imprisoned for 10 years.