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PMGKY nets 4,900 crore black money from 21,000 people

Under the Pradhan Mantri Garib Kalyan Yojna (PMGKY), black money worth Rs 4,900 crore has been declared by around 21,000 people. PMGKY was announced after demonetization and it provided black money hoarders an opportunity to declare their ill-gotten money. An official from the Income-Tax Department said today that tax of Rs 2,451 crore has been collected on the declared amount of black money. The PMGKY window was closed on March 31, 2017. The I-T Department is currently carrying out legal processes in some of the cases related to declaration of black money. PMGKY provided people the opportunity to declare their illegal wealth and make it clean by paying a tax and penalty of 50 percent.

Rs 4,900 crore may look like a big figure, but the actual amount of black money is much more in the country. Earlier, revenue secretary Hasmukh Adhia had said that the response to PMGKY was not so good. However, Finance Minister Arun Jaitley had said that similar schemes were launched earlier as well, so success of PMGKY should not be assessed on a standalone basis. “Keep in mind that PMGKY in that financial year was not an isolated scheme. You first had the IDS, then you had people depositing cash in banking system knowing it would incur a tax liability and PMGKY was over and above that. When you look at the total amount of disclosures made, you have to look at all three of them collectively,” Jaitley had said.

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