India's tax evasion amnesty discloses $10 bn in hidden wealthOctober 1, 2016 - 17:38 AMT PanARMENIAN.Net - A government amnesty targeting tax evasion in India has prompted tens of thousands of suspected tax dodgers to disclose nearly $10 billion in undeclared income, the finance minister said on Saturday, October 2, Reuters reports. The government of Prime Minister Narendra Modi sent out about 700,000 notices earlier this year to suspected evaders to coax them to declare hidden income and assets, known as "black money" in India, promising they would not be pursued by authorities if they came clean and paid a penalty. Finance Minister Arun Jaitley told reporters the four-month scheme that closed on Friday had led to 64,275 declarations, resulting in a provisional 652.5 billion rupees ($9.8 billion) in undisclosed wealth. Jaitley added the final figure would likely be higher. Factoring in taxes owed and penalties of 45 percent, the government could raise more than 293.6 billion rupees ($4.41 billion) from the declared income, according to Reuters calculations. There was no public target for the initiative, but government officials had an internal goal to raise about $7.5 billion in back taxes. During the 2014 elections, Modi pledged to bring back billions of dollars in "black money" if elected. Modi, in a tweet, called the outcome of the scheme "successful" and said it was "a great contribution toward transparency and growth of the economy." In a country of 1.3 billion, fewer than 18,000 people declared annual income of 10 million rupees or more in 2012/13, the latest figures show. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | About 32,000 rally in Yerevan to deman Pashinyan’s resignation About 31,700 people attended an opposition rally on Thursday, May 9 in Yerevan demanding the resignation of Prime Minister Nikol Pashinyan. Armenian, Azerbaijani Foreign Minister to meet in Almaty Armenian Foreign Minister Ararat Mirzoyan and his Azerbaijani counterpart Jeyhun Bayramov will meet in Almaty. Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. Ucom's fixed network launched in Artashat To mark this occasion, the company has introduced a special offer exclusively for Artashat residents. |