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Muted response to 2nd black money disclosure scheme

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The government´s efforts to disclose unaccounted deposited in banks ban have received response.
At the end of February, the Pradhan Mantri Garib Kalyan Yojana (PMGKY), also known as Income Declaration Scheme II, saw declarations crore, of which the Mumbai accounted for Rs.500 crore.
Offeringafinal option of black money, the had on December 17 provided time until March 31 to come clean on deposits of banned currency notes in banks.
For those holding unaccounted cash, the PMGKY proposed to tax 50 per cent of the declared amount and park 25 per cent in an interestfree deposit for The informal tax collection target for the scheme was over Rs.75,000 crore, double that of the Income Disclosure Scheme I. To collect that amount, the disclosure would have to be to the tune of Rs.1.5 lakh crore.
The scheme is part of the Taxation Amendment) Act, by the Lok Sabha in December 2016.
The tepid collection has prompted the Central Board of Direct Taxes (CBDT) to conductavideo conference with tax officials across the country foraplan to make the scheme successful.
Business Standard New Delhi,02th March 2017

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