New Delhi, Oct 1 (Agencies): Around Rs. 3770 crore has been declared as untaxed or black money in a three-month window that ended on Wednesday, the government has said.

According to an official statement, the government has received 638 declarations of money stashed in foreign accounts.

"The officer designated to receive the declarations worked till midnight yesterday," said the statement.

Those who have declared black money can escape prosecution or jail by paying tax at the rate of 30 per cent and a penalty at the same rate by December 31.

The government had hoped that enabling tax evaders to declare their illegal wealth and pay a softer penalty would help recover crores in black money - one of the key pledges of Prime Minister Narendra Modi when he came to power last year.

While campaigning for the national election, Mr Modi claimed that Rs. 15 lakh could be given to every citizen if illegal wealth was brought back from foreign accounts.

The Black Money Act enacted recently sets up a team of regulators and ex-judges to identify those who have secret accounts abroad.