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Rs. 4,900 cr Black Money Disclosed Under Pradhan Mantri Garib Kalyan Yojna
September 11, 2017
About 21,000 people have disclosed black money worth Rs. 4,900 crores under the Pradhan Mantri Garib Kalyan Yojna (PMGKY), a senior official from the Income Tax Department said. The department has collected Rs. 2,451 crores of tax from these declarations.
The PMGKY scheme was launched by the government in December last year to allow the people to come clean and declare their unaccounted wealth and black money with the benefit of immunity. While the individuals won’t be prosecuted, they were charged a 50% fine of the disclosed money.
