Warning black money holders of stringent action including imprisonment after September 30, Prime Minister Narendra Modi today said those with undisclosed wealth, most of which is parked in jewellery a
Warning black money holders of stringent action including imprisonment after September 30, Prime Minister Narendra Modi today said those with undisclosed wealth, most of which is parked in jewellery and real estate, should come clean to sleep peacefully.
At a function jewellers organised to felicitate him, Mr Modi said he is aware of people going to bullion merchants with “cartload” of money and a message has to be delivered to them to come clean using the one-time compliance window closing on September 30.
Stating that people have been jailed in the past for evading taxes, he said the government should not be forced to resort to the same after September 30.
“Aur us paap ko karna nahi chahata hu jo September 30 ko mujhe karna padega (I do not want to commit the sin which I will have to do after September 30 against black money holders),” he said.
Under the Income Declaration Scheme (IDS) which opened on June 1, black money holders can come clean by declaring the assets by September 30 and paying tax and penalty of 45 per thereafter. Those who fail to take advantage of the scheme will have to face stringent actions, including imprisonment.
The Income-Tax department has already identified 90 lakh high value transactions without PAN. As part of the scrutiny, the department will initially issue 7 lakh letters to those who have indulged in such transactions seeking their details.
Referring to the ambitious plan to mobilise idle gold lying with households and temples, the Prime Minister said that since jewellery is used only 2-5 times in a year by holders, it is better loaned to the government for boosting economy.
“Unfortunately gold is linked to social status in India... It remains locked as dead money... You can deposit it with the government and take it out when needed. This will boost the country’s economy,” Modi said. As per an estimate, about 20,000 tonne of gold is lying with households and temples across the country.