Declare black money by september 30 or face action, warns pm modi

Warning black money holders of stringent action including imprisonment, Prime Minister Narendra Modi said on Saturday that those with undisclosed wealth, most of which is parked in jewellery

and real estate, should come clean. At a function jewellers organised to felicitate him, Modi said he is aware of people going to bullion merchants with “cartload” of money and a message

has to be delivered to them to come clean using the one-time compliance window closing on 30 September. Stating that people have been jailed in the past for evading taxes, he said the

government should not be forced to resort to the same after 30 September. > _Aur us paap ko karna nahi chahata hu jo September 30 ko mujhe karna > padega. _(I do not want to commit the

 sin which I will have to after > 30 September against black money holders). Narendra Modi, Prime Minister Under the Income Declaration Scheme (IDS) which opened on 1 June, black money

holders can come clean by declaring the assets by 30 September and paying tax and penalty of 45 percent thereafter. The Income Tax department has already identified 90 lakh high value

transactions without PAN. As part of the scrutiny, the department will initially issue 7 lakh letters to those who have indulged in such transactions seeking their details. Referring to the

ambitious plan to mobilise idle gold lying with households and temples, the Prime Minister said that since jewellery is used only 2-5 times in a year by holders, it is better loaned to the

government for boosting economy. > Unfortunately gold is linked to social status in India... It remains > locked as dead money... You can deposit it with the government and > take 

it out when needed. This will boost the country’s economy. Narendra Modi, Prime Minister, India Published: 23 Jul 2016, 11:04 PM IST