Millennium Post

Black money bill likely to be tabled in Lok Sabha today

To check the black money menace, a bill is likely to be tabled in Lok Sabha tomorrow with stringent provisions to prosecute those stashing illicit wealth abroad, with rigorous imprisonment of up to 10 years.

The Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, also provides for a short window for those holding overseas assets to declare their wealth, pay taxes and penalties to escape punitive action. Finance Ministry sources said that the Bill, which was approved by the Cabinet earlier this week, is likely to be tabled tomorrow, which would be the last day of the first leg of the ongoing Budget session of Parliament, unless extended. After being tabled, the Bill could be referred to the Parliamentary Committee before being taken up for passage.

The Bill also proposes to make concealment of income and evasion of tax in relation to a foreign asset a 'predicate offence' under the Prevention of Money Laundering Act, which will enable the enforcement agencies to attach and confiscate the accounted assets held abroad and launch proceedings.
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