Rs 3,770 crore declared under black money window; triggers debate

New Delhi: Undisclosed foreign assets amounting to Rs 3,770 crore were disclosed in 638 declarations before the one-time black money compliance window that closed on Wednesday, an issue on which political sparring started immediately. "638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3,770 crore. These figures are subject to final reconciliation," the Finance Ministry said in a statement.

It added that tax at the rate of 30 per cent and penalty at the rate of 30 per cent is to be paid by December 31, 2015. Soon after the disclosure of the total amount, government declared that it would initiate "action" against those who have not disclosed their black money and assets stashed abroad.

The government disclosure immediately drew derisive reaction from Congress which said the "hollowness" of Prime Minister Narendra Modi's claim on black money "stands exposed before the entire country". Questions were also raised over the claim made by Modi in his Independence Day address in which he had said that Rs 6,500 crore of undisclosed foreign assets have been declared under the compliance window of the new law.

Congress spokesman Randeep Surjewala referred to Modi's Lok Sabha election campaign speeches in which he had reportedly said that black money to the tune of Rs 80 lakh crore was stashed abroad and his government would bring it back in 100 days of coming to power. He had also promised to deposit Rs 15 lakh into the bank account of every Indian. "What we have today after the passage of black money Bill and 16 months of NDA government taking over is only Rs 3,770 crore," he said adding that the then BJP President Rajnath Singh had also made a similar solemn pledge.

In Patna, Finance Minister Arun Jaitley hit back at critics saying the sum of Rs 3,770 crore has been declared through the compliance window under the new anti-black money law and "that Rs 6,500 crore was different. This (Rs 3,770 cr) is different".

"Before calling it a lie you should first clear your understanding, especially when you are associating the word lie with the Prime Minister. "It is lack of understanding on your part," he told reporters when he was questioned about the actual declarations and the Prime Minister's Independence Day remarks on the issue.