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Black Money Bill passed in LS

News

  • Lok Sabha on Monday passed a bill to deal with black money stashed abroad.
  • The bill provides for rigorous imprisonment of up to 10 years for offenders.
  • Earlier, piloting the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015, finance minister Arun Jaitley said there would be short compliance window for persons having undisclosed income abroad to come clean by paying 30 per cent tax and 30 per cent penalty.
  • Once the compliance window closes, anyone found having undeclared overseas wealth would be required to pay 30 per cent tax, 90 per cent penalty and face criminal prosecution.

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