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of <h1>India's Black Money Act 2015: Rs. 4,164 Crore in Foreign Assets Declared, Rs. 2,428.4 Crore Collected by Deadline.</h1> The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, effective from July 1, 2015, offered a compliance window for declaring foreign assets and paying taxes and penalties. By the window's closure on September 30, 2015, 644 declarations were made, involving assets worth Rs. 4,164 crores. Declarants were required to pay a 30% tax and an additional 30% penalty by December 31, 2015. By that date, Rs. 2,428.4 crores were collected. The shortfall in payments was due to prior information under international agreements or late payments beyond the deadline.
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