Black Money bill to be palced in Loksabha next week


New Delhi: Union Finance Minister Arun Jaitley on Friday said that the Parliament will be taking up the black money bill next week while asserting that countries all over the world plan to put in place a mechanism for automatic exchange of information on any transaction from 2017.

At a programme at the National capital, he said, “Next week, I intend to take up before Parliament the law with regard to taxation of undisclosed assets and incomes abroad.”

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In March, the government introduced the 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.

He said, “There are large number of cases…prosecutions against those offenders have been filed in last few months. The assessment of hundreds of those cases has been completed. 121 prosecutions have been filed by tax Department against them.”

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.