Asking domestic black money holders to take advantage of the ongoing scheme to come clean, Finance Minister Arun Jaitley on Thursday said those who have not yet declared their undisclosed foreign assets will face the consequences.
“One of the objectives behind 2015 black money law was (providing) an opportunity to assessees to comply...Some people made use of that opportunity and I can tell you with almost certainty that those who did not, have taken a big risk because this is one area where world is opening out now with G-20 initiative, US domestic law,” Finance Minister Arun Jaitley said at an event organised by Ficci here.
Finding out details is not difficult once there is a real-time sharing of information, he said, adding, “those who have missed the bus certainly have missed a lot”.
Speaking on the occasion, Revenue Secretary Hasmukh Adhia said there will not be second window for the disclosure of foreign black money.
"I don't think the intension of the Government ever was to reopen that. Having closed the date, one should not reopen the window. That I think would be FM's view also," Adhia said when asked if the Government is considering to provide another window for declaration of foreign black money.
With regard to Income Disclosure Scheme (IDS), Jaitley said the Government wants more and more people to use this.