Indian Finance Minister Arun Jaitley on Monday (28) unveiled a scheme to give tax dodgers another chance to come clean, as he sought to bring billions of dollars worth of undeclared income into the mainstream economy.
The move follows Prime Minister Narendra Modi's decision to scrap 500-rupee and 1,000-rupee banknotes in a bid to flush out cash earned through illegal activities, or earned legally but never disclosed.
Under the proposed scheme, a person making the declaration would have to pay 50 percent in taxes and surcharges. The individual would also have to park a quarter of the total sum in a non-interest bearing deposit for four years.
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