Measures Like IDS -2016 Needed for Overseas Black Money Declaration

Banking Finance News News

Business Mantra News

Income Declaration Schemes





Overseas Declaration Scheme Domestic IDS 2016


Amount of 5500 Crore Declared Amount of more than 65000 Crore Declared


Implementation Not Strong:- Why Implemented with lot of efforts, force, surveys etc.

  • Scheme made successful by the Income Tax Department officers.
  • Lot of pressure (due or undue) exerted on small to medium enterprises, in all cities, towns.
  • It seems the success of the scheme has been taken as prestige issue of the government including Prime Minister Sh. Narendra Modi.
  • Minimum of the black money is expected with big fish and last year 2015 scheme was announced for overseas black money declaration. Only nearly Rs. 5500 Crore were declared that time
  • It is very much strange that no such strong initiative was taken at that time.
  • Whether Department has visited any of the big industrial house, People whose name are there in the list of persons having black money deposited with Swiss Banks and other such entities.
  • In 2014, during elections, black money collection from overseas was a big issue. People at large had an opinion that Modi will do same magic to bring black money back to India. After making government, Modi Govt made a SIT on black money is very short time.
  • But on this front Government failed and no hard steps taken till today. So the result in bringing back overseas black money seems to be a failure.
  • This time also we have not heard news about departmental officers going to big business houses, Political leaders (Present or Past MPs, MLAs), flimstars, retired or serving beaurrocrates.

It is good to collect black money from very level, small or big but strong action should also be taken on those who are extremely rich & influential and are holding major portion of black money.

We, wholeheartedly, praise this effort of the department to bring black money out from low and medium net-worth people, But Govt. and its agencies should also perform same way while tackling black money stocked overseas.

About the author