Under the amnesty, taxpayers would be able to use the DIS tax adjustment form to declare taxable amounts not reported up to 31 December 2017. The adjustment, to be submitted by 31 May 2019, would be permissible up to a limit of € yearly taxable amount and in any case could not exceed 30 per cent of declared income.
These developments made the weaknesses in the Basel I framework more apparent and this set the stage for the creation of “International Convergence of Capital Measurement and Capital Standards: A Revised Framework”, popularly known as Basel II.