India tax evasion amnesty uncovers hidden billions

Monday, 03 October 2016 - 12:49


A tax evasion amnesty in India has prompted tens of thousands of people to declare more than 9.5 billion dollars 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 4.5 billion dollars from the scheme.