Black money Bill likely to be tabled in Lok Sabha today

March 20, 2015 09:51

The government is likely to table in the Lok Sabha Friday a Bill to make non-disclosure of overseas income and assets a predicate offence that will attract punitive action including upto a 10-year jail term.

The Bill will provide a short window to overseas asset holders to declare their wealth, pay taxes and penalties to escape punitive action.

The Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, according to Finance Ministry sources, will be tabled on Friday-- the last day of the first leg of the Budget session of Parliament.

The first leg will end today unless extended.

After being tabled, the Bill could be referred to the Parliamentary Committee for scrutiny before being taken up for passage.

Earlier this week, the Cabinet approved the Bill which provides for a maximum of 10 years rigorous imprisonment for offenders who conceal income and assets and indulge in evasion in relation to foreign assets.

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