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Undisclosed assets worth Rs 6,000 crore detected under foreign black money law

The government informed the Parliament that undisclosed assets totalling over Rs 6,000 crore have been detected under The Black Money Act, 2015. Under the Act, the government had provided a one-time compliance opportunity for a limited period to those persons who have any foreign assets which were not been disclosed under the Income Tax Act. 648 declarations involving undisclosed foreign assets worth over Rs 4,100 crore were made under the compliance scheme which yielded tax over Rs 2,470 crore by way of tax and penalty amounts. 

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