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IT to apply harsh PMLA

News:

  • Those not disclosing illegal foreign assets by September 30 will have to pay tax and penalty worth 120 percent of the value of undisclosed asset, rigorous imprisonment upto 10 years and action under the harsh anti-money laundering law.
  • The department brought out an advertisement in leading national dailies to publicise the, one time opportunity to come clean through the compliance window.
  • In order to deal with the menace of unaccounted wealth stashed abroad, the government had operationalised the new black money law from July 1.
  • Any person can check the official web portal of the department to obtain more information on the black money compliance window.

Source:PTI

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