New Delhi, March 17: Giving concrete shape to Fince Minister Arun Jaitley’s announcement of a bill to trace black money, the Union cabinet on Tuesday approved a new law to track uccounted wealth.
Fince ministry sources told IANS that the union cabinet approved the Foreign Income and Undisclosed Assets (Imposition of New Tax) Bill, 2015, for tabling in the Lok Sabha. “On black money, a new structure including e-filing and tracking down is our abiding commitment,” Jaitley had said announcing the measures in his first full budget speech on February 28.
He said a “comprehensive new law to track black money” would be framed and there will be rigorous imprisonment of 10 years under the black money law. The fince minister said a ‘bemi’ (proxy) property transaction bill will be brought to tackle black money transactions in real estate. The new law would entail rigorous imprisonment of up to 10 years and a pelty of 300 percent on its perpetrators. Those evading tax by sending money to foreign countries would not be allowed to approach the Settlement Commission, Jaitley had told parliament while announcing his 2014-15 annual budget. IANS