Also, there was no need to explain the source of income. The scheme applied to undisclosed income pertaining to financial year 2015-16 or earlier. The tax revenue from the scheme will help the government bridge the budget deficit. India’s tax to GDP ratio is 16.6 per cent, which is much lower than the emerging market economy average of 21 per cent. The government had last year come out with a similar scheme for Indians holding undisclosed income abroad under which assets worth Rs 4,164 crore were declared. Black money has been a hot political issue in India. Ambit Capital has estimated the country’s black economy at Rs 30 lakh crore. In 1997, the then United Front government had launched a tax amnesty scheme under while assets worth Rs 33,000 crore were declared.