Thousands of Indians declare $9.5 billion in black money

Published October 01, 2016

India's finance minister says tens of thousands of Indians have declared a total of $9.5 billion in black money as part of a one-time opportunity to come clean under a government scheme.

Finance Minister Arun Jaitley said Saturday that the declarations by 64,275 people came in a four-month window that ended Friday, allowing illegal income and asset holders to pay a tax, surcharge and penalty totaling 45 percent to avoid prosecution.

Prime Minister Narendra Modi won elections in 2014 promising to curb corruption and the flow of black money abroad. The government has been facing opposition pressure to act since the April release of financial documents naming companies and individuals who may have dodged taxes by setting up shell companies and accounts through brokers based in Panama.

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