Black money Bill to be taken up in Parliament next week: FM

Union Finance Minister, Arun Jaitley addresses during the Enforcement Day function, in New Delhi.
Finance Minister Arun Jaitley today said the government will next week take up for consideration the new black money bill in the Lok Sabha to effectively deal with the menace of unaccounted wealth stashed abroad.

"Next week, I intend to take up before Parliament the law with regard to taxation of undisclosed assets and incomes abroad," Jaitley said at the 'Enforcement Day' function organised by the Directorate of Enforcement.

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 taking steps to unearth black money stashed abroad.

"There are large number of cases...Prosecutions against those offenders have been filed in last few months. The assessment of hundreds of those cases have been completed. 121 prosecutions have been filed by tax Department against them," Jaitley said.

With the international community including G-20 leaders taking various initiatives, it would become difficult for people to hide wealth within couple of years.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel