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Indian Government Expects More Black Money Names To Surface In September

india governmentThe Indian government has been focusing on individuals who have secret bank accounts with black money stashed away in foreign countries. Swiss banks had earlier cooperated with the Indian government and disclosed a list of individuals who had large sums of money stashed away.

The government recently announced that it had sent out notices stating that its compliance period will expire on the 30th of September and encouraged every individual who had undisclosed sums of money stashed away, to come clean and disclose their financial assets.

India had rolled out a Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 and put forth a 90 day compliance period for individuals to declare their assets.

There have already been a number of disclosures till date and the government believes that many more individuals will come forward before the 30th September deadline in order avoid criminal proceedings being carried out against them. Revenue Secretary Shaktikanta Das stated that the government had collaborated with 94 countries who had offered to cooperate and release info regarding black money. The government has worked out a double taxation avoidance agreements (DTAAs) with these 94 countries in an effort to get the concerned individuals to disclose their black money accounts.

The Indian government is working closely with a number of these countries that have proven to be safe havens in the past and expects a full disclosure of individual names who have secret bank accounts. Shaktikanta Das also stated that India has agreed to comply with the Foreign Account Tax Compliance Act (FATCA).

In a statement, Das said

We are ready in terms of information technology preparedness for FATCA and we have already signed the agreement on it with the US… (financial) information will start flowing in since September 30. Now, the information would flow continuously rather than the earlier existing regime where it was flowing on request

The government is also working closely with the Securities and exchange board of India (Sebi), the Reserve Bank of India (RBI) and a number of key stakeholders, such as FIIs to ensure that the government has a robust process in place to monitor all black money transactions and P-notes.

Shaktikanta Das was not willing divulge now many individuals had come forward during the compliance period to disclose their black money accounts. Das confirmed that whoever comes forward during the compliance period will be assured of utmost confidentially.

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