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<a href="http://www.businessinsider.in/searchresult.cms?query=SIT&amp;sortorder=effectivedate">Special Investigation Team</a> (SIT) constituted on <a href="http://www.businessinsider.in/searchresult.cms?query=black+money&amp;sortorder=effectivedate">black money</a> by the <a href="http://www.businessinsider.in/searchresult.cms?query=supreme+court&amp;sortorder=effectivedate">Supreme Court</a> stated Rs 70,000 crore of <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword> was detected so far. SIT Deputy Chairman Justice Arijit Pasayat said the sixth report on it will be submitted to the apex court in April. 
 
The Rs 70,000 crore of black money includes over Rs 16,000 crore detected after probe launched into global leaks about Indians stashing funds abroad, has been unearthed through different schemes of the government. 
 
Meanwhile, Justice Pasayat said the SIT made several recommendations in the past two years through its interim reports to check generation of black money. 
 
"While most of our recommendations have been accepted by the government, some are under active consideration to clampdown on black money" he said. 
 
"One of our proposals, on cash holding of Rs 15 lakh or more to be presumed as undisclosed, is under serious consideration of the central government," Justice Pasayat said, adding that on the SIT's recommendation the government has already declared that cash transaction beyond Rs 3 lakh will be treated as illegal and punishable under law.

Rs 70,000 crore black money unearthed: SIT

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>According to the US Treasury Department, the extremist group calling itself the Islamic State (also known as ISIS or ISIL) is garnering wealth at an alarmingly quick pace, with large chunks coming from black-market oil sales and ransom payments for hostages. 
ISIS earns about $1 million each day in oil sales alone, said David Cohen, the Treasury Department's under secretary for terrorism and financial intelligence. He also said the group has netted approximately $20 million in ransom payments this year. Additionally, Cohen said ISIS has raised funds through local extortion and crime, like robbing banks.
"To some extent, ISIL poses a different terrorist financing challenge," Cohen said during remarks at the Carnegie Endowment for International Peace in Washington on Thursday. 
"It has amassed wealth at an unprecedented pace, and its revenue sources have a different composition from those of many other terrorist organizations. Unlike, for instance, core al-Qaeda, ISIL derives a relatively small share of its funds from deep-pocket donors, and thus does not, today, depend principally on moving money across international borders. Instead, ISIL obtains the vast majority of its revenues through local criminal and terrorist activities."
Cohen heads the Treasury Department's efforts to disrupt and diminish the group's finances, which is part of President Barack Obama's <a href="http://www.businessinsider.com/obama-strategy-defeat-isis-2014-9" target="_blank">strategy to "degrade and ultimately destroy" ISIS</a>. During his remarks, Cohen outlined what the Treasury Department knows about ISIS' funds and the department's strategy to undermine them. 
ISIS has tapped into a sophisticated oil black market in both Syria and Iraq, selling it at discounted prices to middlemen who then transport it out of ISIS strongholds. Cohen also said the Syrian regime of President Bashar al-Assad has "made an arrangement to purchase oil" from ISIS. Beginning in mid-June, he said, ISIS has made approximately $1 million a day in oil sales.
Cohen said the Treasury Department would target with sanctions anyone who deals with ISIS' stolen oil. 
"At some point, that oil is acquired by someone who operates in the legitimate economy and who makes use of the financial system. He has a bank account. His business may be financed, his trucks may be insured, his facilities may be licensed. All that makes ISIL oil facilitators vulnerable," Cohen said.
He said the Treasury Department is "hard at work" identifying those individuals. 
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div> 
The US military has also <a href="http://www.businessinsider.com/us-bombs-isis-oil-fields-2014-9" target="_blank">begun targeting ISIS oil refineries</a> in its campaign in Iraq and Syria.
On ransom payments, Cohen said the US would work to make it an international consensus for countries to not pay ransoms for hostages - <a href="http://www.businessinsider.com/us-paying-ransoms-to-terrorists-isis-james-foley-2014-8" target="_blank">something that has long been US policy</a>.
"This policy rests on the sound premise - confirmed by experience - that an explicit and consistently applied no-concessions policy reduces the frequency of kidnappings by eliminating the underlying incentive to take hostages in the first place," he said.

ISIS Is Making An Absurd Amount Of Money On Ransom Payments And Black-Market Oil Sales

ISIS earns about $1 million each day in oil sales alone, said David Cohen, the Treasury Department's under secretary for terrorism and financial intelligence. He also said the group has netted approximately $20 million in ransom payments this year. Additionally, Cohen said ISIS has raised funds through local extortion and crime, like robbing banks.
"To some extent, ISIL poses a different terrorist financing challenge," Cohen said during remarks at the Carnegie Endowment for International Peace in Washington on Thursday. 
"It has amassed wealth at an unprecedented pace, and its revenue sources have a different composition from those of many other terrorist organizations. Unlike, for instance, core al-Qaeda, ISIL derives a relatively small share of its funds from deep-pocket donors, and thus does not, today, depend principally on moving money across international borders. Instead, ISIL obtains the vast majority of its revenues through local criminal and terrorist activities."
Cohen heads the Treasury Department's efforts to disrupt and diminish the group's finances, which is part of President Barack Obama's <a href="http://www.businessinsider.com/obama-strategy-defeat-isis-2014-9" target="_blank">strategy to "degrade and ultimately destroy" ISIS</a>. During his remarks, Cohen outlined what the Treasury Department knows about ISIS' funds and the department's strategy to undermine them. 
ISIS has tapped into a sophisticated oil black market in both Syria and Iraq, selling it at discounted prices to middlemen who then transport it out of ISIS strongholds. Cohen also said the Syrian regime of President Bashar al-Assad has "made an arrangement to purchase oil" from ISIS. Beginning in mid-June, he said, ISIS has made approximately $1 million a day in oil sales.
Cohen said the Treasury Department would target with sanctions anyone who deals with ISIS' stolen oil. 
"At some point, that oil is acquired by someone who operates in the legitimate economy and who makes use of the financial system. He has a bank account. His business may be financed, his trucks may be insured, his facilities may be licensed. All that makes ISIL oil facilitators vulnerable," Cohen said.
He said the Treasury Department is "hard at work" identifying those individuals. 

The US military has also <a href="http://www.businessinsider.com/us-bombs-isis-oil-fields-2014-9" target="_blank">begun targeting ISIS oil refineries</a> in its campaign in Iraq and Syria.
On ransom payments, Cohen said the US would work to make it an international consensus for countries to not pay ransoms for hostages - <a href="http://www.businessinsider.com/us-paying-ransoms-to-terrorists-isis-james-foley-2014-8" target="_blank">something that has long been US policy</a>.
"This policy rests on the sound premise - confirmed by experience - that an explicit and consistently applied no-concessions policy reduces the frequency of kidnappings by eliminating the underlying incentive to take hostages in the first place," he said.

The <keyword id="44734" type="ORGANIZATION" weightage="60" keywordseo="Indian-Government">Indian government</keyword> said today it has no official estimate as to the amount of <a href="http://www.businessinsider.in/searchresult.cms?query=black+money&amp;sortorder=effectivedate">black money</a> that has been sent to foreign countries. 
 "Determination of <keyword id="6356023" type="UNKNOWN" weightage="40" keywordseo="Black-Money">black money</keyword> sent to foreign countries by Indian persons is subject matter of investigation and other follow-up actions by relevant <a href="http://www.businessinsider.in/searchresult.cms?query=law+enforcement&amp;sortorder=effectivedate">law enforcement</a> agencies, including <a href="http://www.businessinsider.in/searchresult.cms?query=Income+Tax+Department&amp;sortorder=effectivedate">Income Tax Department</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Enforcement+Directorate&amp;sortorder=effectivedate">Enforcement Directorate</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=CBI&amp;sortorder=effectivedate">CBI</a> etc, which is on-going. "However, details regarding the amount of money involved in such cases are not maintained centrally," Minister of State for <keyword id="25455" type="ORGANIZATION" weightage="80" keywordseo="finance">Finance</keyword> <a href="http://www.businessinsider.in/searchresult.cms?query=Jayant+Sinha&amp;sortorder=effectivedate">Jayant Sinha</a> said in a written reply to Rajya Sabha. 
 
When asked what India’s share in black money in tax havens across the world is, he said there is no evidence whether the recent estimate of $152-181 billion by economists from Bank of Italy necessarily represents India's share in <a href="http://www.businessinsider.in/searchresult.cms?query=black+money&amp;sortorder=effectivedate">black money</a> stashed abroad. 
 
Image Credit: Indiatimes

The Indian govt has no official
estimate of black money

The <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">Black Money</keyword> Act (the Act) had been promulgated with the intention to pursue black money stashed overseas. The Act levies tax at the rate of 30% on any undisclosed foreign income and assets held abroad by a person who is ordinarily resident in India. Additionally, the act provides for a penalty equivalent to three times the value of tax. Therefore, the total tax exposure can be as high as 120%. Further, the incumbent may be subject to imprisonment for a maximum term of 10 years. 
	 
	With a view to provide relief to the taxpayer and to encourage him/her to disclose their undeclared foreign income and assets, the Act provided for a one-time compliance window for declaration of undisclosed foreign income and assets by the taxpayer. Upon declaration, the taxpayer was liable to tax at the rate of 30% of the fair market value of the assets and a penalty of 100% of the tax, bringing the tax rate to 60% of the value of the assets. It was also clarified that the contents of the declaration will be used as evidence against the taxpayer under the Income Tax Act, 1961, the Wealth Act, 1957, or Foreign Exchange Management Act, 1999 and the value of the assets will not be chargeable to wealth tax. The time period for declaration expired on 30 September 2015. 
	 
	Black money: The current scenario 
	 
	However, the one-time relief received a tepid response and as per the government announcement, it received details of undisclosed foreign assets worth Rs3,770 crore from 638 declarants which translates into an average of INR6 crore per declarant. However the Revenue Secretary Hasmukh Adhia in a press conference on October 6, revised the figure from INR3,770 crores to INR 4147 crores. The miserly value of declaration further strengthened the belief that many of the big evaders have chosen not to avail the benefit of the compliance window. 
	 
	There are many reasons for the defeated response to this one-time opportunity. Lack of trust that the information provided may not remain confidential has been cited as the major reason for people not opting for this route. The government laid down stringent penal provisions and achieved its objective of creating fear in the minds of people, thereby acting as a deterrent for future creation of black money. But the existing evaders were also fearful that the declarations made by them may be used against them under some other law. 
	 
	Another major reason for people to back out was the possibility of a probe into interrelated transactions, with some of the people involved in a transaction willing to make a declaration, while the others may choose not to declare. Further, there also exists the possibility of routing money into India through the stock market. 
	 
	In addition to the above, many other reasons such as insufficient time provided to make the declaration, a steep tax rate of 60 per cent (including penalty) and above all a lack of clarity on the interpretation of certain provisions of the Act, have led to people not opting for the one-time option. 
	 There are numerous estimates of the amount of black money stashed abroad, ranging from 10 to 100 per cent of India's GDP. As per <keyword id="6354572" type="ORGANIZATION" weightage="20" keywordseo="CBI">CBI</keyword> estimates, Indian black money amounts to $500 billion. 
	 
	Therefore a problem this large, cannot be resolved through a single Act. An effective all round strategy is required to be formulated and struck from all directions. 
	 
	What can the Govt do? 
	 
	One of the biggest factors for creation of black money has always been high rates of taxation. The Finance Minister is his last full-budget made a commitment to bring down the corporate tax rate to 25% over the next four years. A reasonable tax rate can serve as a big incentive for people to pay tax and, thereby automatically curbing black money creation. 
	 
	Further, the government has entered into several bilateral and multi-lateral agreements with several countries for automatic exchange of information about Indian account holders in their banks. As a consequence of these agreements, banks are adopting a cautious approach while opening back accounts of Indian residents. Some are even going to the extent of seeking an undertaking/CA certificate certifying that the money proposed to be deposited is in compliance with Indian laws. 
	 
	Another constructive measure which may act as a deterrent for creation of black money is the requirement of quoting PAN for cash transactions beyond a certain threshold. 
	 
	Apart from the measures being taken by the government, some trends emerging on account of a change in life style of the urban population, such as increased use of plastic money, opening of a large number of payment gateways, internet banking and e-commerce are expected to bring about more transparency in transactions. 
	 
	Further, black money creation and corruption at various levels go hand in hand. One cannot think of curbing black money creation without curbing corruption. Therefore, the government in its effort to control foreign based and domestic black money should take effective punitive action reduce corruption and curb black money creation. 
	 
	Finally, it is only through a combination of events and actions on the part of the government and people at large, can India’s dream of achieving a black money free and prosperous economy. It is a transition in which the gestation period is expected to be very long. 
	 
	The article has been authored by Prashant Kapoor, partner, M&amp;A Tax, and Suvira Agarwal, technical director, KPMG in India. The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of the organisation.

Budget 2016: Black money haunts the NaMo Govt

One salient point of Prime Minister <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s election manifesto was the war that his party (Bharatiya Janata Party) waged on black money. During the tenure of the UPA government, scams rolled out one after another, exposing way too many influential personalities who had made a quick buck. But the saga of Indian politicians stacking their booty in the <keyword id="43603" type="CITY" weightage="100" keywordseo="Swiss-Bank">Swiss Bank</keyword> (among other financial institutions) isn’t limited to the past decade alone. 
 
So, it’s little wonder that the financial analysts are placing the bet on the final figure of the black money. An estimated $2 trillion is sitting snug in the banks abroad, but mostly in Swiss Bank. And the holders of this money, obviously billionaires, are steadily climbing the global charts of ‘influential personalities’ day after day. 
 
It was in 2011 that a WikiLeaks announcement released a list of Indian black money hoarders. In the same year, Anil Harish, one of India’s best minds on tax matters, spoke at length on the impact of hacking of nearly 700 accounts, held by powerful Indians at HSBC Geneva. The list released by WikiLeaks created uproar and it has been found that both resident and non-resident Indians are equally guilty. Charges included that of tax evasion while the hoarders chose to put away their wealth in the banks offshore. 
 
Without wasting much time after he assumed office, Prime Minister Narendra Modi set up a Special Investigation Team, which has been approved by the Supreme Court of India. This has surely sent jitters down the spine of otherwise complacent businessmen and politicians who made hay while the sun shone, through illegal methods. 
 
A poverty-stricken India has been struggling to change its image from a country that was ‘developing’ for a long time to an economic ‘super power.’ According to World Bank reports, poverty in India is waiting to reach another level, with an estimated 11.8% of total population living below the line of poverty and earning less than $1.25 per day in 2014. 
 
The only breather is the fact that poverty has consistently reduced over the past few years. However, if and when the black money heads back to the country where it belongs, it will still be more than India’s GDP. 
 
The contradiction between black money and existing poverty levels notwithstanding, Indian hoarders will probably take solace in knowing that the phenomenon is not limited to their country alone. In fact, some of the biggest black money holders are in China and Russia. When a list of such violations was compiled taking each country into account, India stood third, with China leading the list. However, that would not bring any respite to the nation. 
 
Although the US and the UK have cracked down on their tax violators, India has never shown the determination to track down the black money. The Indian middle class turned angrier and joined hands with anti-corruption activist Anna Hazare when he waged a battle against rising corruption. 
 
India, Asia’s third largest economy, loses an estimated $60 trillion annually in taxes, as far as formal sectors and financial institutions are concerned. Independent studies and International Monetary Fund (IMF) data on trade flow also show that an annual amount of nearly $6 trillion cannot be accounted for. That this amount will go into individual accounts or fake trusts, is a known fact. 
 
Arun Kumar, author of The Black Economy In India, arrived at a total figure of $2 trillion when he was researching data for his book. A professor at the reputed Jawaharlal Nehru University, Kumar has been collating reports on black money from various sources. 
 
According to him, the $2 trillion stashed abroad is unaccounted for and has been illegally accumulated by evading taxes that rightfully belong to the country and its people. Moreover, the amount of the money hoarded calls for the dues (interest, penalty, etc., levied for tax evasion) and that will very well cross $600 billion. 
 
This has set the country back among the BRICs (Brazil, Russia, India and China) owing to the simple fact that although resourceful, India has not been able to post a vibrant tax collection report as against its GDP. This can seriously hamper the living conditions of the poor in the country, deprive businesses of necessary financial support and scale down India’s image in the long run. 
 
The government held an olive branch in the past to 700 HSBC Germany account holders who kept an undisclosed amount in their accounts aboard. Nearly 100 members made amends for it while the rest resisted the process. Apart from HSBC and Swiss Bank, Liechtenstein and British Virgin Islands are also offering safe havens for black money hoarders from various countries, including India and China. 
 
The gravity of the situation could well be understood from the fact that the largest number of foreign depositors in Swiss Bank is reportedly Indians. If this can change, the country is bound to witness prosperous days ahead.

Will India’s ‘Black Money’ Come
Home This Time?

<keyword id="6359397" type="PERSON" weightage="100" keywordseo="Manmohan-Singh">Manmohan Singh</keyword> gave a speech at Rajya Sabha, in which he said that the government’s mishandling of the ban on high-denomination notes amounts to "organised loot, legalised plunder." 
 After the speech, Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> walked over to his predecessor and shook hands when parliament broke for lunch. 
 Modi was accompanied by <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>. Jaitley was also seen talking to senior Congress leaders <keyword id="6360065" type="PERSON" weightage="20" keywordseo="Ghulam-Nabi-Azad">Ghulam Nabi Azad</keyword> and Anand Sharma along with other opposition members who have attacked his reform aimed at fighting black money. 
 The opposition was adamant that PM Modi must speak on <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> in Parliament, the government agreed thathe will speak on the issue in Rajya Sabha, where the government is in a minority. 
 
Dr Singh said that though he agrees with the PM's intent to flush out black money, the implementation of his initiative, which has forced long lines at banks for nearly two weeks, amounts to "a monumental management failure." 
 
That is also what other opposition leaders have alleged, arguing that a move meant to punish the corrupt and rich who hoard black money has left the poor in rural India, including farmers, stranded without cash.

After facing sharp disagreement on demonetization, Modi shakes hands with Manmohan Singh

The finance ministry said it has received Rs 3,770 crore from 638 declarations under the one-time <a href="http://www.businessinsider.in/searchresult.cms?query=black+money">black money</a> compliance window under the new anti-Black Money Act. 
 
The deadline to make <a href="http://www.businessinsider.in/Fin-Min-cracks-the-whip-on-black-money-Disclose-your-foreign-incomeand-assets-or-face-consequences/articleshow/47899820.cms">declarations</a> was September 30. 
 
"638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3770 crore. These figures are subject to final reconciliation," the Finance Ministry said in a statement based on figures provided to it by the CBDT. 
 
The ministry further stated tax at 30% rate and penalty at 30% is to be paid by December 31 this year. 
 
READ ALSO: <a href="http://www.businessinsider.in/Black-money-blues-Promoters-are-working-overtime-to-utilise-unaccounted-funds/articleshow/49149924.cms">Black money blues? Promoters are working overtime to utilise unaccounted funds!</a> 
 The <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">Black Money</keyword> (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 was enacted to deal with <a href="http://www.businessinsider.in/Heres-what-Indians-residing-abroad-can-do-to-avoid-law-suit-under-the-Black-Money-Law/articleshow/47989798.cms">black money stashed abroad</a>. 
 
"The Act also provided for a compliance window for a limited period to persons who have undisclosed foreign assets which they had not disclosed for the purposes of Income-tax so far," the statement added. 
 
The compliance window opened on July 1 this year. 
 
(Image: Thinkstock)

Govt’s Black Money declaration drive has flopped! Only 638 declarations made amounting to just Rs 3,770 cr

<ul class="summary-list"><li>Sir Maejor Page, an Atlanta-based activist, was charged with wire fraud and <keyword id="6355008" type="UNKNOWN" weightage="60" keywordseo="Money-laundering">money laundering</keyword> after an investigation by the FBI found that he misused $200,000 of donations to the <keyword id="3110441" type="PERSON" weightage="60" keywordseo="Black-Lives-Matter-movement">Black Lives Matter movement</keyword>. </li><li>Page made "no identifiable purchase or expenditure for social or racial justice" using any amount of the $200,000, the FBI said.</li><li>Rather, Page spent the donations on personal items like clothing, food, hotel rooms, furniture, and entertainment, among other things.</li></ul>The FBI arrested on Friday an Atlanta-based activist who spent more than $200,000 intended to go toward the <keyword id="2771111" type="PERSON" weightage="60" keywordseo="black-lives-matter">Black Lives Matter</keyword> movement on personal items like clothing and guns. Sir Maejor Page, 32, is facing charges of one count of wire fraud and two counts of money laundering, according to a <a href="https://www.fbi.gov/contact-us/field-offices/cleveland/news/press-releases/the-fbi-announces-the-arrest-of-sir-maejor-page">press release from the FBI</a>.An investigation found that Page made "no identifiable purchase or expenditure for social or racial justice" using any amount of the $200,000, the release said. The FBI has been investigating Page since a complaint was filed in April 2020 alleging that Page was "posing as a Black Lives Matter leader" and misrepresenting a nonprofit, authorities said. The FBI found that Page owned a social media page called the "Black Lives Matter of Greater <keyword id="85701" type="COMPANY" weightage="60" keywordseo="Atlanta">Atlanta</keyword>" and used a GoFundMe to collect donations in its name.His pages raised nearly $470,000 between June and August, which was transferred into accounts "owned and operated by Page," according to the release. "Numerous videos and livestream videos were posted to Page's personal social media pages showing himself in what appeared to be newly purchased clothing, hotel rooms, and office space in Atlanta," the FBI said. "Several audio statements are made by Page in the videos boasting about the money he has, his tailored suits, his nice cufflinks and '$150 dollar ties,' and boasting about 'my room way up at the top…at the top top...they put the bottom feeders on these floors….'"Page told people donating online and over social media that their money would go toward "movement related" expenses, the investigation found. He also told donors the money would go toward "the fight for George Floyd," the Black man <a href="https://www.insider.com/3rd-george-floyd-body-cam-video-horrified-crowd-tou-thao-2020-8">killed by Minneapolis police</a> on Memorial Day. But a debit card linked to the account collecting the funds showed purchases made that were unrelated to Floyd or any aspect of the Black Lives Matter movement. An analysis of his account activity showed that Page had spent the money on "food, dining, entertainment, clothing, furniture, a home security system, tailored suits, and accessories," the release said. The FBI also said Page used a large chunk of the money — $112,000 — to purchase a home and adjacent lot in Toledo, Ohio. A spokesperson for GoFundMe told the <a href="https://www.ajc.com/news/atlanta-based-activist-faces-federal-fraud-charges-over-blm-funds/CQUVQKJYWBF3BLB3TVIW3OG5AY/">Atlanta-Journal Constitution</a> that all pages connected to Page and the organization he set up have been removed from the site. GoFundMe also banned Page and is offering refunds to donors requesting one. "GoFundMe has taken action to ensure you can no longer start a GoFundMe for BLMGA. PayPal has also confirmed BLMGA has been removed from its database," the spokesperson said. "Campaigns with misuse are very rare, and we take all complaints very seriously. Our team is working with law enforcement and assisting them in the investigation."Black Lives Matter Atlanta did not immediately return a request for comment from Insider.

An Atlanta-based activist 'posing' as a Black Lives Matter leader is facing federal charges for misusing $200,000 worth of donations, FBI says

The war between the ruling party and the opposition over Prime Minister <a href="http://www.businessinsider.in/searchresult.cms?query=Narendra+Modi&amp;sortorder=effectivedate">Narendra </a><a href="http://www.businessinsider.in/searchresult.cms?query=Narendra+Modi&amp;sortorder=effectivedate">Modi</a>’s demonetisation move continues and relating to that, <a href="http://www.businessinsider.in/searchresult.cms?query=rahul%20gandhi&amp;sortorder=score">Rahul Gandhi</a>, <keyword id="1575" type="ORGANIZATION" weightage="100" keywordseo="Congress">Congress</keyword> vice-president, accused the government of helping <keyword id="6356023" type="UNKNOWN" weightage="100" keywordseo="Black-Money">black money</keyword> hoarders with the amendment to the <keyword id="6354751" type="COMPANY" weightage="100" keywordseo="Income-Tax">Income Tax</keyword> Act, saying half of the unaccounted cash would now be returned to them. 
 He, outside <keyword id="6354721" type="ORGANIZATION" weightage="100" keywordseo="parliament">parliament</keyword> said that the government has given 50 per cent of the black money back to hoarders again. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=lok+sabha&amp;sortorder=effectivedate">Lok sabha</a>, recently passed the Taxation Laws (2nd Amendment) Bill and it provided a window to legalise black money after paying tax on the amount post-demonetisation. As per the Bill, those who disclose black money to banks will have to pay 50 per cent tax, including surcharge and penalty. 
 <keyword id="5268" type="PERSON" weightage="100" keywordseo="Rahul-Gandhi">Rahul Gandhi</keyword> when asked about the walkout by the opposition MPs in the <keyword id="6355187" type="ORGANIZATION" weightage="100" keywordseo="Lok-Sabha">Lok Sabha</keyword>, said, "There is a practice in Parliament that whenever someone dies we respect them. This is for the first time that there was no such obituary offered for those soldiers who had died (in Nagrota attack). So the Opposition walked out." 
 
Opposition members walked out of the Lok Sabha as their demand for an obituary reference on the soldiers who died in the terror attack on army camp in Jammu was rejected by the Speaker on the grounds that final details were yet to emerge. 
 
Countering Rahul's charges, Information and Broadcasting Minister M Venkaiah Naidu said, "It is unfortunate that Congress is doing politics over the issue involving defence of the country." 
 
(Image: Indiatimes)

Government will give 50% of the black money back to hoarders: Rahul Gandhi

Anyone having unaccounted money stacked at home is being given a last chance to come clean. The scheme called Pradhan Mantri Garib Kalyan Yojana (PMGKY) has been brought post demonetisation to make sure nobody has unaccounted cash at home anymore. The scheme will be available till March 31. 
 
After paying the tax and penalty, the holders of this black money are free to go. However out of the unaccounted money, there will be a charge of 50%, which includes 30% tax, 33% surcharge and 10% penalty. Moreover, the declarant would require to pay 25% of the undisclosed amount as a donation to PMGK deposit scheme. 
 
In Pune, the Income Tax department has already started raiding big businessmen who are rumoured to have stacked money even after demonetization. 
 
Since demonetisation, the I-T department has stepped up pressure to ensure that black money holders do not go scot free. Several search-and-survey operations carried out across the country have revealed large-scale irregularities. Investigations by the I-T authorities in Hyderabad have shown that those facing the heat from the tax department may prefer to opt for the PMGKY, sources told the Economic Times.

Here’s your last chance to come
clean of black money till March 31

Amid the entire hullabaloo about the <a href="http://www.businessinsider.in/searchresult.cms?query=Panama+papers&amp;sortorder=effectivedate">Panama Papers Leaks</a>, it has turned out that many of the Indians, who have been named in the massive leaks for off-shoring their money to tax havens, used <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">RBI’s</a> Liberalised Remittance Scheme (LRS). 
 Under LRS, which was introduced in 2004 with a cap of $25,000 and was raised to $2,50,000, remittances up to that amount are allowed by a resident individual in one financial year. It was only last year that a law was introduced on undisclosed accounts that will face action under the <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword> law. 
 
The LRS also allows buying immovable property, investment in equity and debt, and donations and gifts. As per an ET report, about $1.3 billion was transferred out of the country in FY15 through LRS. 
 More than 500 Indians have been named in the <keyword id="3310338" type="UNKNOWN" weightage="20" keywordseo="panama-papers-leaks">Panama Papers Leaks</keyword>, including celebrities and politicos. As per preliminary enquiry, 90 per cent of Indians chose LRS route. 
 
READ ALSO: <a href="http://www.businessinsider.in/Panama-Paper-Leaks-My-name-has-been-misused-says-Amitabh-Bachchan/articleshow/51701994.cms">Panama Paper Leaks: "My name has been misused," says Amitabh Bachchan</a> 
 "About 90% of these accounts have used <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>'s liberalised remittance scheme (LRS) but the rest should be prepared to face the music," a government official told ET. 
 
However, the government has said that the wrongdoers will be brought to books as tax authorities will seek information from other jurisdictions listed in the Panama Papers with which India exchanges information as part of bilateral or global treaties. 
 
READ ALSO: <a href="http://www.businessinsider.in/Panama-Papers-Leak-Black-money-SIT-to-investigate-list/articleshow/51685352.cms">Panama Papers Leak: Black money SIT to investigate list</a> 
 
Black money became a major political plank also when the Bharatiya Janata Party (BJP) claimed to bring the money back in India. 
In his <a href="http://www.businessinsider.in/searchresult.cms?query=budget+2016&amp;sortorder=effectivedate">Budget 2016</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a> announced a compliance window, giving a chance to come clean on black money. 
 
READ ALSO: <a href="http://www.businessinsider.in/These-comics-explain-the-Panama-Paper-Leaks-so-easily-that-even-a-5-year-old-would-get-it/articleshow/51699430.cms">These comics explain the Panama Paper Leaks so easily that even a 5-year-old would get it</a>

You Searched For "black money amount" and got 12 results

Rs 70,000 crore black money unearthed: SIT

BI India Bureau

ISIS Is Making An Absurd Amount Of Money On Ransom Payments And Black-Market Oil Sales

Brett LoGiurato

ISIS Is Making An Absurd Amount Of Money On Ransom Payments And Black-Market Oil Sales

Brett LoGiurato

The Indian govt has no official estimate of black money

BI India Bureau

Budget 2016: Black money haunts the NaMo Govt

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Will India’s ‘Black Money’ Come Home This Time?

Preetam Kaushik

After facing sharp disagreement on demonetization, Modi shakes hands with Manmohan Singh

BI India Bureau

Govt’s Black Money declaration drive has flopped! Only 638 declarations made amounting to just Rs 3,770 cr

BI India Bureau

An Atlanta-based activist 'posing' as a Black Lives Matter leader is facing federal charges for misusing $200,000 worth of donations, FBI says

Yelena Dzhanova

Government will give 50% of the black money back to hoarders: Rahul Gandhi

BI India Bureau

Here’s your last chance to come clean of black money till March 31

BI India Bureau

Majority of Indians named in Panama Papers Leaks may have used a legal route to have offshore assets

BI India Bureau

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