Income Declaration Scheme (IDS) rolled out by Central government as the first step for Black Money Weeding is ending up as a big failure. As much as 65000 Crore Black Money was declared in this scheme and Hyderabad Circle lead the race with about 17000 Crore Black Money Declaration.
But as the time frame for the first installment of Tax plus penalty is nearing, several of the declarations are proving to be fake. Interestingly, Hyderabad Circle is leading in the Fake Declarations. Officials have come to a conclusion that 13500 Crore of the total 17000 Crore is fake.
One person, Lakshamana Rao alone declared 10000 Crore Black Money believing the promise of a Fake Baba. Another businessman from Begumpet declared 3000 Crore and it emerged as Fake. And the latest entrant in the club is a businessman who declared 200 Crore. The rest of the 3500 Crore is are of small amounts of various individuals.