NEW DELHI: The government on Sunday revised upwards the amount of black money disclosed under Income Declaration Scheme (IDS) to Rs 67,382 crore, even as it did not take into account two high-value disclosures. "After final reconciliation, the revised figure of actual declarations received and taken on record was Rs 67,382 crore which had been made by 71,726 declarants," the Finance Ministry said in a statement here on IDS 2016. "On Oct 1, 2016, it was announced that declarations totalling Rs 65,250 crore were received from 64,275 declarants, subject to reconciliation," it said.The Income Tax Department did not take into consideration the Rs 13,860 crore declaration made by Ahemdabad-based Maheshkumar Champaklal Shah, which was reported prominently, as well as another made from Mumbai. "Therefore, after due consideration, the Income Tax Department decided by November 30, to reject these two sets of declarations of Rs 2 lakh crore and Rs 13,860 crore respectively. The Department has commenced enquiries against these declarants to determine the intention behind these false declarations," it added.

Source: Economic Times December 04, 2016 16:24 UTC