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Black Money: Indians Declare $9.5 Billion in income that was never Taxed or Reported

64,275 Indians who declared so-called black money during the four-month period that ended Friday would pay 45 percent in taxes to the state but avoid criminal prosecution

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People wait in front of an income tax billboard at a bus stop in New Delhi, India, Sept. 26, 2016. VOA
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October 2, 2016: Tens of thousands of Indians have come forward over the past four months to declare a collective $9.5 billion in income that was never reported or taxed, India’s finance minister Arun Jaitley announced Saturday.

Jaitley said that number could increase because some declarations are still being processed.

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Under a government plan announced by Jaitley earlier this year, the 64,275 Indians who declared so-called black money during the four-month period that ended Friday would pay 45 percent in taxes to the state but avoid criminal prosecution.

Prime Minister Narendra Modi, who vowed to curb tax avoidance when he was elected in 2014, congratulated both Jaitley and those who chose to declare their black money Saturday.

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“I compliment all those who chose to be tax compliant in IDS-2016. This is a great contribution towards transparency & growth of the economy,” he tweeted from his official account.

This is not the first time the government of India has instituted such a tax amnesty program — Jaitley said a program in 1997 brought in $1.5 billion to the government.

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The government faced opposition to the action since the release of the so-called Panama Papers in April, which listed individuals and companies that had avoided taxes by setting up shell companies in Panama. About 500 Indians were among those accused. (VOA)

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All Religions Flourished In India: Modi

"Every religion found life here, it grew here. Every Indian is proud of this virtue, no matter what language he speaks, no matter what religion he practices," the Prime Minister said

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Prime Minister Narendra Modi (FILE PHOTO)
  • Prime minister Narendra Modi says that all religions flourished in India
  • He said that every religion found life in India
  • Modi said that India is a land of many religions and festivals

Stressing that India embraced many religions, Prime Minister Narendra Modi said on Thursday that every religion flourished in India.

Prime Minister, Narendra Modi says that India is a land of many religions.
Prime Minister, Narendra Modi says that India is a land of many religions.

“Every religion found life here, it grew here. Every Indian is proud of this virtue, no matter what language he speaks, no matter what religion he practices,” the Prime Minister said at a conference on ‘Islamic Heritage: Promoting Understanding and Moderation’ in the presence of Jordan’s King Abdullah II.

Also Read:  Amazing Platform where Prime Minister connects with the citizens

“Be it, Buddha or Mahatma Gandhi, the fragrance of peace and love has spread across the world from India. India has given the idea of ‘Vasudev Kutumbakam’ — which means that the whole world is our family. India found its identity in considering the people of this world as their family.

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Narendra Modi says that Indians celebrate all festivals with same level of jest.

“We will be celebrating Holi tomorrow, there will be a celebration of Buddha Jayanti, that will be followed by the month of Ramzan — a symbol of the country’s unity and diversity.” IANS