August 8, 2015 8:36 AM

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Govt. is not contemplating any general waiver scheme to bring back black money stashed abroad: Jayant Sinha

Minister of State for Finance Jayant Sinha informed the Lok Sabha Friday that the government is not contemplating any general waiver scheme to bring back black money stashed abroad. Giving this information in a written reply, he said, the newly enacted legislations on Black Money and Imposition of Tax Act provide for a one-time compliance opportunity for a limited period to persons who have undisclosed foreign assets. Mr Sinha said over 6 thousand 4 hundred Crore rupees has been collected under the two schemes — Remittances in Foreign Exchange Scheme and India Development Bond Scheme, that are operational since 1991. The Minister said various NGOs and economists in the past had indicated widely varying estimations regarding illicit financial flows out of the country.

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