India tax evasion amnesty uncovers hidden billions

Sunday, 02 October 2016 - 8:52

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A tax evasion amnesty in India has prompted tens of thousands of people to declare more than $9.5bn in undeclared income and assets.

Finance minister Arun Jaitley said the four-month window that ended on Friday brought in 64,275 declarations.

All were offered immunity from prosecution in return for paying tax, a surcharge and a penalty.

It is estimated that the government could raise nearly $4.5bn from the scheme.

Undeclared income or "black money" is a huge issue in India.