$500 million in black money declared during amnesty

INVblackThe government of India announced that Indians declared $500 million in black money, a fraction of the total amount feared hidden, as the deadline for revealing assets hidden from the taxman expires.

The finance ministry said over 638 tax evaders made declarations when the 3-month window for revealing stashes and avoiding prosecution ended. The amount involved was $574 million.

According to the Global Financial Integrity group in Washington some $439 billion left India illicitly from 2003-2012. The wealthy channel money to tax havens such as Switzerland or Singapore, or they send the money to a relative abroad for half the year to avoid tax.

In 2013, the finance minister told parliament that only 2.69 percent of Indians pay any income tax at all.