TOKYO: Warning black money holders of “serious trouble” if they fail to come clean, finance minister Arun Jaitley on Sunday said people with undisclosed assets should use the declaration window, beginning Wednesday, if they want to sleep well.
The four-month window under the Income Declaration Scheme 2016, which opens on June 1, allows domestic black money holders to declare their ill-gotten wealth by paying a tax and penalty totaling 45%.
Jaitley, who is on a six-day trip to Japan to invite investments, said the compliance window is open to not only the companies but also the people having undisclosed income.
Meanwhile, Jaitley has played down the ban on registration of new large diesel-powered vehicles in Delhi, saying it is a “transient” phase and India is a market large enough not to adversely affect auto companies. The ban has led automakers, including Maruti Suzuki, Toyota and Mercedes, voicing the possibility of reworking their investment plans in India.
The finance minister also denounced attacks on Reserve Bank of India governor Raghuram Rajan and said the debate should be about the issues and policies, and not personalities.
Jaitley, however, declined to comment on whether Rajan’s term would be extended after his current three-year tenure ends this September.