Stash scheme digs out Rs 4.900 crore

The Income Tax Department, a top government official said, has collected a tax of Rs 2,451 crore till now from these declarations.

I-T warns against cash dealings of Rs 2 lakh, seeks tip-off

In the 2017-18 Budget, Finance Minister Arun Jaitley had proposed to ban cash transaction of over Rs 3 lakh.

Arun Jaitley said the PMGKY was not an isolated scheme launched in 2016 and the response to PMGKY should not be seen in isolation.

Govt had come out with PMGKY giving them time until March-end to come clean by paying tax and penalty.

Modi said his government was committed to empowering women and spelled out a slew of schemes and measures.

This is the first major I-T action after the black money window of the Pradhan Mantri Garib Kalyan Yojna.

Declarants also have to park a quarter of the total sum in a non-interest bearing deposit for four years.

Under the PMGKY blackmoney declarants have to mandatorily park 25 per cent of that wealth in zero-interest, four-year-no- withdrawal scheme.