New Delhi: The Lok Sabha on Monday passed the Black Money bill. The bill was moved by Finance Minister Arun Jaitley in Lok Sabha. It provides for penalty and tax up to 120 per cent along with criminal prosecution for those who have parked black money abroad.
Piloting the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 for passage, Jaitley had sought the support of opposition. He had earlier on the day rejected the opposition demand of referring it to the Standing Committee.
For those wanting to come clean , Jaitley said there would be a compliance window in two parts, to declare assets and to pay 30 per cent penalty. India has no official estimate of illegal money stashed away overseas, but unofficial assessments put it somewhere between $466 billion and $1.4 trillion.
The bill is yet to face the Rajya Sabha test. On the other hand Congress is rigid on the demand that the bill should be send to the Standing Committee.