Hyderabad tops the list of black money declarations

2 October 2016

Income Declaration Scheme (IDS), a Narendra Modi-led BJP government initiative, has greatly put the people of India in sheer ecstasy over revelation of collecting Rs 65,250 crores so far, from 64,275 illegal income holders, in the process of bringing the black money to the surface.

This unprecedented scheme, started on 1st of June, allowed all the tax evaders to disclose their black money, to avoid punishment, by paying 45% of it to the government of India on a promise of maintaining secrecy over declarations and it's officially concluded on September 30. Union Minister for finance, Arun Jaitley on Saturday announced all the details to media and briefed how Modi's stringent actions have really worked in fetching out such a huge amount.

Surprisingly, Telangana state capital Hyderabad topped the list with the declaration amount of Rs 13,000 crore. The list includes Mumbai in second spot with 8500cr, New Delhi with 6000cr and Kolkata with 4000cr. Reportedly, an individual from Hyderabad has declared 10,000cr on last day of the scheme.

Mumbai was topping the list, but now stands second with a declared sum of Rs 8,500 crore black money. In fact, sources say two to three declarants till Friday evening came forward with a four-digit amount.

Interestingly, Delhi and Gujarat are closely contesting for the number three position, as both states have recovered an amount of Rs 6,000 crore. As much as Rs 4,000 crore has been collected from Kolkata. 

A total of 64,275 declarations were made under the scheme, an average of Rs 1 crore per disclosure. This is expected to translate into tax collection of about Rs 30,000 crore from the scheme, of which the government exchequer should get around Rs 15,000 crore by the end of 2016-17, providing extra revenue buffer. The income tax officers are learnt to have carried out at least 400 surveys in a month in Mumbai alone to ensure higher declarations.