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Government tables Black Money Bill in Lok Sabha, promises tough punishment for tax evaders

Union Finance Minister Arun Jaitley on Monday tabled the Black Money Bill in Lok Sabha. He said the Black Money Bill should be considered as Money Bill.

The finance minister said that it would soon become difficult for people to hide ill-gotten wealth. “The Bill doesn’t deal with domestic black money,” Jaitley said.

Jaitley also said that the Bill will tax undisclosed foreign assets at 30 per cent and further penalty of 30 per cent.

The government in March introduced ‘The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015’ which provides for heavy penalty and stiff punishment of up to 10 years for stashing unaccounted funds abroad.

There will also be a window to help persons having such funds abroad to come clean by paying tax and penalty.

Jaitley said the government has been taken steps to unearth black money stashed abroad. With the international community including G-20 leaders taking various initiatives, it would become difficult for people to hide wealth within couple of years, he added.

Jaitley said India is foremost among a large number of countries that are taking interest in the G-20 initiative on automatic transmission of information with regard to monetary transaction.

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