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Black money Bill passed in Parliament, govt warns offenders
Highlights
A Bill to deal with black money stashed abroad was passed by Parliament on Wednesday with the government warning those having such assets to utilise the ‘compliance window’ or have sleepless nights once the global automatic information exchange system comes into effect in 2017.
A Bill to deal with black money stashed abroad was passed by Parliament on Wednesday with the government warning those having such assets to utilise the ‘compliance window’ or have sleepless nights once the global automatic information exchange system comes into effect in 2017.
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Finance minister Arun Jaitley said in the Rajya Sabha that the new law, with stringent provisions, will help “squeeze” black money even as he underlined that the option of ‘compliance window’, which may run for a few months, was not an amnesty scheme.
“The world is no longer willing to tolerate tax havens which thrive in secrecy,” he said, just before the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015 was approved by the House, two days after the Lok Sabha passed it.
Mr Jaitley, however, made it clear that the new law will not cover those having amounts equivalent to Rs 5 lakh in bank accounts abroad, which may belong to students or those working there. The compliance window will provide an opportunity to declare overseas assets and penalty totalling 60 per cent.
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