Black money bill gets cleared in Lok Sabha

May 11, 2015 19:37

The undisclosed foreign income and assets bill 2015 has been passed in Lok Sabha. The bill, which provides for penalty and tax up to 120 percent along with criminal prosecution for those who have parked black money abroad, was passed in the Lower House of Parliament.

Finance Minister Arun Jaitley, who moved the bill in the Lok Sabha, asked the opposition not to develop 'cold feet' in supporting the legislation.

Jaitley rejected the demands of the opposition parties to refer it to the Standing Committee.

Jaitley added that delay in enacting the legislation would provide opportunity to offenders to transfer unaccounted overseas wealth to unknown destinations.

The bill provides for rigorous imprisonment of up to 10 years for offenders.

"Innocents are not the target," Finance Minister Arun Jaitely said in response to criticisms of the undisclosed foreign income and assets (imposition of tax) bill 2015.

"In India there are businesses, and people feel that transacting in black is their right," Jaitley said in Lok Sabha.

« Back to LIVE

TOP STORIES

EPL PIX: Manchester City thump Wolves; Arsenal down Bouremouth

IMAGES from Premier League matches played on Saturday.

Real Madrid secure LaLiga title after Girona thrash Barca

Ancelotti's second-string players proved they were up to the task as they secured three points for Real and kept them on course for the inevitable LaLiga title celebrations.

Kotak Mahindra Bank reports 25% rise in Q4 net profit

Kotak Mahindra Bank on Saturday reported a 25 per cent growth in its March quarter net profit at Rs 5,302 crore, limited by a drop in the core income due to narrow interest margins. On a standalone basis, the city-headquartered lender's...

1 IAF personnel killed, 4 injured in Poonch terror attack

The attack took place near Shashidhar in the evening when the vehicles were moving towards Sanai Top in the district's Surankote area.

IPL PIX: RCB fumble before scripting win over GT

IMAGES from the Indian Premier League match played between Royal Challengers Bengaluru and Gujarat Titans in Bengaluru, on Saturday.