New Delhi - Warning black money holders of stringent action including imprisonment after 30 September, Prime Minister Narendra Modi on Saturday said those with undisclosed wealth, most of which is parked in jewellery and real estate, should come clean to sleep peacefully.
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 do after 30 September against black money holders)," he said.
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. Those who fail to take advantage of the scheme will have to face stringent actions, including imprisonment.
The Income Tax department has already identified 90 lakh high value transactions without PAN.
Updated Date: Jul 24, 2016 12:46 PM