NEW DELHI, OCT 4: Indian Finance Minister Arun Jaitley on Sunday warned that those who did not declare overseas black money during compliance window will face the consequences.
He said the government will, however, receive information about their wealth under automatic exchange of information.
Those who took advantage of the scheme to come clean can relax.
The Minister also clarified that Rs 6,500 crore of black money, talked about by Prime Minister Narendra Modi in his Independence Day speech, pertained to illegal money of account holders in the LGT Bank of Liechtenstein and HSBC Bank, Geneva, while declarations made under the one-time compliance window totalled Rs 3,770 crore.
In his Facebook post, the Minister also expressed the commitment of the government to fight the menace of the domestic black money by making furnishing of PAN mandatory for cash transactions beyond a threshold.
As many as 638 persons declared their income amounting to Rs 3770 crore under the onetime 90 days compliance window under the Black Money Law.
