Thousands of Indians Declare $9.5 Billion in Black Money

October 1, 2016 12:10 PM

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Tens of thousands of Indians have declared a total of $9.5 billion in black money as part of a one-time opportunity to come clean under a government scheme, India's finance minister said Saturday.

The declarations by 64,275 people came in a four-month window that ended Friday, allowing illegal income and asset holders to pay a tax, surcharge and penalty totaling 45 percent to avoid prosecution, Finance Minister Arun Jaitley said at a news conference.

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