Accomplishments of the Voluntary Disclosure of Income Scheme
The following things can be considered to be the achievements of the Voluntary Disclosure of Income Scheme:
- 77.5% of the total assets, which was about Rs 4,379 crore, would be granted to the state governments, which would be used in social sectors as well as infrastructural development.
- Total resources were secured under the scheme.
- The remaining portion, which would be granted to the Central Government would be used for providing finances for the infrastructure needs.
- The Central Government funds would also be used for financing the basic minimum services program.
- A total of Rs 33,000 crore of black money was found as a result of the implementation of this scheme. This was equivalent to nearly 33% of the unaccounted money throughout the nation.
- Rs 10,050 crore was collected as additional revenue, where the undisclosed income of about Rs 33,000 crore,
- The total declarants accounted for about, who availed of the scheme. This simulated the collection of a big chunk of black money.
Voluntary Disclosure of Income Scheme
The National Development Council (NDC) meeting proposed the launch of the Voluntary Disclosure of Income Scheme. Then the planned budget was formulated in the year 1997-98 to commence the scheme. It was then launched as an effort to unearth black money. The main objective of the scheme was to harness the black money and use it for productive and useful activities.
The Voluntary Disclosure of Income Scheme, 1997 was able to net Rs 10,050 crore as additional revenue, on an undisclosed income of about Rs 33,000 crore, far exceeding the government expectations. The total number of declarants under the scheme was about 4,66,031. Thus about 4.66 lakh declarants had availed of the amnesty scheme which had helped in tapping a substantial chunk of the black money.