Dire consequences if assets not declared under black money compliance window: FM Arun Jaitley

New Delhi(web team): Finance Minister Arun Jaitley on Friday warned those who failed to use the black money compliance window to come clean about their unaccounted wealth abroad, will face dire consequences going ahead. Jaitley was speaking to ET in an interview.

Finance Minister Arun Jaitley

The black money compliance window closed on Wednesday after three months, where the government received nearly 638 declarations amounting to Rs 3,770 crore.

After the compliance window shut, Economic Affairs Secretary Shaktikanta Das tweeted:

Under the one-time compliance window, operative till September 30, the government had given a chance to all those holding unaccounted overseas wealth to come clean and declare their assets by paying tax and penalty of up to 60%.

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Failure to disclose unaccounted foreign assets under the compliance window, will now hold overseas asset holders liable to pay tax and a penalty of 120% and face up to 10 years of jail, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

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However, as was expected by the NDA government, the compliance window received moderate response.