Black Money: Public meets, social media, Nukkad Nataks behind IDS success

Over 5,500 public meetings, social media campaign on Talkathons and Nukkad Nataks along with threat of prosecution prompted over 64,000 blackmoney holders to declare unaccounted wealth under four-month disclosure window that would make the exchequer richer by over Rs 29,000 crore.

The Income Tax (I-T) department which worked overtime to make the Income Disclosure Scheme (IDS), 2016, a success, had organised more than 5,500 public meetings in various cities in the last four months to spread awareness.

It has also extensively used innovative publicity on social media by organising Talkathons. Also, Walkathons and Nukkad Nataks were used as tools to encourage black money holders to declare their undisclosed assets and come clean by paying 45% tax and penalty.

The department also made strategic use of taxpayer information and data mining techniques to spur declarations, which resulted in black money holders disclosing an amount of Rs 65,250 crore.

Initially Revenue Secretary Dr Hasmukh Adhia held meetings with senior Central Board of Direct Taxes (CBDT) officials every weekend through video conferencing to monitor the progress.

Even Prime Minister Narendra Modi had on different ocassions had appealed to the people to sleep peacefully by disclosing unaccounted assets.

Elated by the declarations made under the scheme, Modi tweeted, "I compliment all those who chose to be tax compliant in IDS- 2016. This is a great contribution towards transparency and growth of the economy."

I compliment all those who chose to be tax compliant in IDS-2016. This is a great contribution towards transparency & growth of the economy.

— Narendra Modi (@narendramodi) October 1, 2016

He also complimented Finance Minister Arun Jaitley and his team at the Finance Ministry for the "hard work" resulting in the successful outcome of IDS 2016.

I compliment FM @arunjaitley & his team at @FinMinIndia for the hard work resulting in the successful outcome of IDS-2016.

— Narendra Modi (@narendramodi) October 1, 2016

Economic Affairs Secretary Shaktikanta Das tweeted, "Elimination of black money will eliminate the shadow of ghost economy on our real economy. Very positive for India's growth outlook".

Elimination of black money will eliminate the shadow of ghost economy on our real economy. Very positive for India's growth outlook.

— Shaktikanta Das (@DasShaktikanta) October 1, 2016

Jaitley said with so many people declaring unaccounted money, it shows that significant number of people want to become tax compliant.

Later in a tweet, Jaitley credited the success of Income Declaration Scheme (IDS) to Prime Minister Narendra Modi.

"Success of IDS 2016 emboldens strict stand of PM @narendramodi ji against black money and making India a tax compliant society," Jaitley said.

Success of IDS 2016 emboldens strict stand of PM @narendramodi ji against black money & making India a tax compliant society.

— Arun Jaitley (@arunjaitley) October 1, 2016

He said under the IDS 2016, the average disclosure per declaration is over Rs 1 crore.

"This shows success of the scheme & trust of people," Jaitley said.