Voluntary Disclosure of Income Scheme

The Voluntary Disclosure of Income Scheme (VDIS) was a very unconventional but successful step among Indian economic policies.

This scheme would also ensure that the laws relating to economic offences would not be applicable for those defaulters.

Over 350,000 people disclosed their income and assets under this scheme, which brought a revenue of ₹78 billion (US$900 million) to the Indian finance ministry.

The Union Finance Minister P. Chidambaram hoped, "It is my faith that given a chance, the people of India (would) come clean of the black money."

[1] The Comptroller and Auditor General of India condemned the scheme in his report as abusive and a fraud on the genuine taxpayers of the country.