"638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3,770 crore. These figures are subject to final reconciliation," the Finance Ministry said in a statement.
    
It added that tax at the rate of 30 percent and penalty at the rate of 30 percent is to be paid by December 31, 2015.     

Soon after the disclosure of the total amount, government declared that it would initiate 'action' against those who have not disclosed their black money and assets stashed abroad.
    
The government disclosure immediately drew derisive reaction from Congress which said the 'hollowness' of Prime Minister Narendra Modi's claim on black money 'stands exposed before the entire country'.
    
Questions were also raised over the claim made by Modi in his Independence Day address in which he had said that Rs 6,500 crore of undisclosed foreign assets have been declared under the compliance window of the new law.
    
In Patna, Finance Minister Arun Jaitley hit back at critics saying the sum of Rs 3,770 crore has been declared through the compliance window under the new anti-black money law and 'that Rs 6,500 crore was different. This (Rs 3,770 crore) is different'.
    
"Before calling it a lie you should first clear your understanding, especially when you are associating the word lie with the Prime Minister. It is lack of understanding on your part," he said.

 

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