New Delhi: There was some success for the government in Parliament on the last day of Budget Session on Wednesday with the Black Money Bill being passed by the Rajya Sabha despite stiff opposition from the Congress. According to the new Bill those who conceal income and assets, and indulge in tax evasion in relation to foreign assets can face rigorous imprisonment of up to 10 years. They will also be liable to face a penalty of 300 per cent of taxes on the concealed income and assets.The Bill will now be sent to President Pranab Mukherjee for his assent. Earlier on Wednesday, members of bitter rivals Trinamool Congress and CPM said the term ‘black money’ is racist and should be changed,Participating in a discussion on the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015, Derek O’Brien (TMC) stressed that the term black money should be changed as “dirty money”.
Finance Minister Arun Jaitley had tabled Bill in Lok Sabha on Monday and it was passed the same day. While tabling the Bill, he had said that there would be short compliance window for persons having undisclosed income abroad to come clean by paying 30 per cent tax and 30 per cent penalty. He rejected the opposition demand of referring it to the Standing Committee saying delay in enacting the legislation would provide opportunity to offenders to transfer unaccounted overseas wealth to unknown destinations.