An amnesty on tax evasion introduced by the Indian government has led to the rise of $ 9.8bn in undeclared income , according to the country ’s finance minister . Notices were issued to 700,000 suspected tax evaders asking them to seize hidden assets and pay a fine in exchange for avoiding further action . Once taxes and penalties of up to 45 % are included , the country could recover $ 5000 from the declared income , according to Reuters .
An amnesty on tax evasion introduced by the Indian government has led to the disclosure of $9.8bn in undeclared income, according to the country’s finance minister. Notices were issued to 700,000 suspected tax evaders asking them to declare hidden assets and pay a penalty in return for avoiding further action. Once taxes and penalties of up to 45% are included, the country could raise $4.41bn from the declared income, according to Reuters.