From The Past Pages Of Dawn: 1976: Fifty Years Ago: Black money deadline

KARACHI: The deadline set by the Govern­ment for declaring 'concealed wealth' ended midnight last night [Aug 31]. In Karachi, a dozen of tax collection centres had been set up in addition to the State Bank branch. ... According to business circles, [a] lot of people who had earlier evaded payment of taxes, availed the opportunity and filed returns at various centres. It may be mentioned that the Government had offered a concessional tax rate of 30 per cent on undisclosed income. A Rawalpindi report adds: Holders of black money streamed into bank and income tax offices in increasing number in Rawalpindi as the deadline to whiten their 'hoards' neared its end... . … By 8 p.m. the deposits made at one centre had amounted to Rs 85 lakh. Sums as low as Rs 2,500 were declared as hidden wealth. In offering the holders of black money to legalise their wealth, the Federal Finance Minister, Rana Mohammad Hanif, had said in his Budget speech that they would not be asked to disclose the source of their wealth if they declared it by paying income tax on it at the flat rate of [30pc]. Their declarations were to be accepted at face value. — Staff reporter Published in Dawn, September 1st, 2026