Voluntary Disclosure of Income Scheme | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-06-06

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Voluntary_Disclosure_of_Income_Scheme


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SUMMARY
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The Voluntary Disclosure of Income Scheme (VDIS) was a very unconventional but successful step among Indian economic policies. It would give an opportunity to the income tax or wealth tax defaulters to disclose their undisclosed income at the prevailing tax rates. This scheme would also ensure that the laws relating to economic offences would not be applicable for those defaulters. Over 350,000 people disclosed their income and assets under this scheme, which brought a revenue of ₹78 billion (US$1.1 billion) to the Indian finance ministry. The scheme was closed on 31 December 1997. The Union Finance Minister P. Chidambaram hoped, "It is my faith that given a chance, the people of India (would) come clean of the black money."