The Government of India received an amount of Rs 3,770 crore from 638 declarations under the one-time black money compliance window that ended on Wednesday, September 30.
However, the money declared is far less than what Prime Minister Narendra Modi had announced during his Independence Day speech in August.
People who have come clean can escape prosecution by paying penalties and tax of around 60 per cent. After the deadline, the tax and penalty doubles to 120 per cent and the tax evader can face up to ten years in jail.
Rs 15 lakh could be given to every citizen if illegal wealth was brought back from foreign accounts, Modi had said. This claim has been repeatedly panned by the Congress.
Though, there is no official estimate of the money illegally stashed abroad, Washington-based research and advocacy organization Global Financial Integrity has estimated that the outflows were around $344 billion (Rs. 22.5 lakh crore) between 2002 and 2011.
In 2010, a list of 628 people who allegedly held bank accounts at HSBC's Geneva branch was submitted by France to India. Till date, the government has initiated action in 121 cases.