Sizeable decline in black money parked by Indians abroad: Jaitley

AHMEDABAD: Finance minister Arun Jaitley on Sunday said the government’s “activism” against black money in the last two years has resulted in a“sizeable dip” in

AHMEDABAD: Finance minister Arun Jaitley on Sunday said the government’s “activism” against black money in the last two years has resulted in a“sizeable dip” in illegal assets stashed abroad by Indians.

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The action initiated by G-20 countries, coupled with “technological intervention ”, will make it difficult to keep black money both at home and outside the country, he added.

“Today there is panic among people who hold illegal assets outside the country. If you take from 1947 to 2014, the cumulative effect of all steps taken would not be even a minuscule percentage of what the government has done in the last two years.”

He was speaking at a programme to sen si ti se people on the government’s Income Declaration Scheme (IDS), whereby tax evaders are given opportunity to disclose their unaccounted income and pay 45% of it as tax and penalty. The window is open till September 30.

“Recent reports have indicated that there is a size able di pin Indian holdings outside the country ,” the minister said.

The government’s collective efforts, including making available a compliance window for black money and taking action based on the HSBC, International Consortium of Investigative Journalists (ICIJ) and Panama Papers disclosures, have helped bring back illegal wealth stashed abroad ,“with many( people) even facing trial,” Jaitley added.