Asia Pacific, News, The Rich

Indians Declare $10 Billion in Hidden Wealth

Indians Declare $10 Billion in Hidden Wealth

Indians have declared almost $10 billion in hidden wealth under a government amnesty on tax evasion. Finance Minister Arun Jaitley said the four-month scheme that closed on Friday had resulted in 64,275 declarations of previously undisclosed assets and income, totaling 652.5 billion rupees ($9.8 billion).

“Indians have declared almost $10 billion in hidden wealth under a government amnesty on tax evasion.”

~ Daily Mail

Only six people earning over 500 million rupees ($7.4 million) filed returns in 2012-2013, despite having an estimated 2,100 ultra-wealthy Indians whose net worth exceeds $50 million. Billions of dollars in unpaid taxes deprive the government of monies that could be spent on changing lives in a country where 270 million people survive on less than $2 a day, according to the World Bank.

Related Reports: Daily Mail, Reuters


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