Earlier this year, prime minister Narendra Modi’s government sent around 700,000 notices to suspected tax dodgers urging them to declare hidden income and assets. The notice promised they would not be pursued by authorities if they paid a penalty.

The four-month window that closed on Friday led to 64,275 declarations, revealing a provisional INR652.5 billion ($9.8 billion) in undisclosed wealth, Jaitley told reporters, adding that the final figure could be higher. Based on the declarations compiled so far, the government expects to raise INR29,362.5 crore ($4.41 billion) in taxes and penalties.

Modi, who pledged to bring back billions of dollars in “black money” during the 2014 elections, has praised the “successful outcome” of the amnesty and its “contribution toward transparency and growth of the economy”.

India is one of a number of countries operating amnesty programmes to bring back offshore assets and revenues - one of the most high-profile of which is the Indonesian amnesty, which completed its first phase late last week, and which is slated to run through to March next year.