One time amnesty on black money: ASSOCHAM

ASSOCHAM (  Associated Chambers of Commerce and Industry of India ) has urged the central government to announce an amnesty scheme for bringing back illicit money of Indians stashed abroad in tax havens.

In a report on the menace of black money in India, the industry body ASSOCHAM said,'' A flat rate of 40% should be levied on the present value of such money or assets as part of the scheme. Another 10% of the amount should be invested in 7 year infrastructure bonds. The funds so collected, should be earmarked and used by the government for the development of the infrastructure"

Earlier, FICCI (Federation of Indian Chambers of Commerce and Industry ) had also asked the central government for a one time amnesty scheme in the coming Budget for encouraging Indians to bring back their overseas wealth.


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