India talks tough on black money in hunt for hidden billions

When an Indian deadline for declaring illegal assets expires Wednesday, billions of rupees hidden in foreign bank accounts or funnelled into property abroad will emerge into the light — or so the government hopes. Prime Minister Narendra Modi took power last year pledging to crack down on the “menace” of so-called black money — vast piles of wealth kept secret from the tax authorities — with a battalion of new measures. A three-month window ending on September 30 allows tax evaders to declare their stash and pay a softer penalty, with immunity from prosecution, or risk up to 10 years in jail if they get caught.

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