The government's total tax receipt from the black money declared during the window will be Rs 2,488.20 crore.
A total amount of Rs 4,147 crore was declared during the 90-day black money compliance window, higher than the previously announced amount of Rs 3,770 crore, Revenue Secretary Hasmukh Adhia said on Monday.
"It is the risk they have taken...we would be going after them," Revenue Secretary Hasmukh Adhia said while answering questions on government's action plan to deal with those who did not disclose their overseas assets during the 90-day compliance window that ended on September 30.
Adhia said while the total number of disclosures is 638 as stated last week, the total illegal foreign assets brought to book stands at Rs 4,147 crore.
The government's total tax receipt from the black money declared during the window will be Rs 2,488.20 crore.
The government had on October 1 said that Rs 3,770 crore of black money was declared during the compliance window.
This, Adhia said, was based on preliminary count of the declarations made.
Talking about steps to unearth overseas black money held by Indians, he said: "Whatever information we have got from whatever sources so far, we have been assessing them, we have been putting penalty on them, we have been filing prosecution."
Referring to the information relating to HSBC Bank, Adhia said 132 prosecutions have been filled in 43 cases.
"So a lot of action is happening in case of information which is already received by us," he said, adding the tax demand of Rs 4,562 crore has been raised with regards to HSBC cases.
In terms of requesting information on specific cases from other countries, Adhia said the number of such requests has almost doubled as about 1,600 such requests were sent in 2014-15 compared to 800 in the previous year.
Adhia further said that once the multilateral arrangement on Common Reporting Standards (CRS) comes into effect from 2017, "we will really get a big shot in our pursuit of finding out black money which is lying abroad".
More than 50 countries have already signed the arrangement.
"Some countries have already agreed to be the early adopters of this (CRS)... India is one of the early adopters.
So from 2017, many countries will agree to give regular flow of information about the accounts of other countries nationals in their bank accounts," Adhia added.
India has already got "wealth of information" from the US under the FATCA, which came into operation from October 1, he said.
"So we are actually making a lot of request for information to other countries, where specific instances of tax evasion or tax avoidance are found. And we are working on assessing them, putting penalty, prosecution, whatever is required on them," he said.
When asked whether to the response to the black money compliance window was lukewarm, he said the government had not fixed any target under it.
"Well I don't think we had any target against which we can evaluate this response as lukewarm or very good," he said, adding that the window was an opportunity for people to come clean.
The compliance window provided to holders of undeclared foreign assets. It provided an opportunity to foreign assets holders to declared assets, pay a total of 60 per cent tax and penalty and escape stringent provisions of the new law.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Representational image")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}