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Race to declare assets: Rs 13,000 cr worth black money declared from Hyderabad alone

 

With the deadline for Indians to disclose their hidden black money under the Income Declaration Scheme (IDS) 2016 finished on Friday, reports suggested that the total amount declared was over Rs 65,000 crore.

India Today reported that the department would recover tax worth around Rs 30,000 crore in its kitty (at 45 per cent) on the declared amount.

However, in a surprising turn of events, Mumbai came second in declaring black money, with the first place going to Hyderabad and the two Telugu states of Telangana and Andhra.

“In the last few hours, an individual in Hyderabad came with a declaration of Rs 10,000 crore, taking the total amount of black money declared in Andhra Pradesh to Rs 13,000 crore,” an official told India Today on Friday evening.

Business Standard reported that while Hyderabad saw a declaration of Rs 13,000 crore, Mumbai followed with Rs 8,500 crore. New Delhi was third with Rs 6,000 crore followed by Kolkata with Rs 4,000 crore.

Last week, reports suggested that a business house in Hyderabad coughed up Rs 150 crore of undisclosed money last week, which was the highest disclosure in the two states.

The New Indian Express had then reported:

The quantum of disclosures has been such that the IT department of Telangana and Andhra Pradesh, which till last month stood 14th in terms of statewide collection of undisclosed income under the IDS scheme, has shot up to ninth in the country.
However, with the latest reported declaration of Rs 10,000 crore, the state has shot up to the first place.

A press statement is expected on Saturday with specific details on the amount collected. Finance Minister Arun Jaitley is also expected to address the media.

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