Rajya Sabha Passes Black Money Bill Wednesday May 13,2015

 

There was some success for the NDA Government in Parliament on the last day of Budget Session on Wednesday May 13,2015 with the Undisclosed Foreign Income and Assets Bill (Black Money Bill) being passed by the Rajya Sabha despite stiff opposition from the Congress.

According to the new Bill those who conceal income and assets, and indulge in tax evasion in relation to foreign assets can face rigorous imprisonment of up to 10 years. They will also be liable to face a penalty of 300 per cent of taxes on the concealed income and assets.

The Bill will now be sent to President Pranab Mukherjee for his assent

Note

Finance Minister Arun Jaitley had tabled Bill in Lok Sabha on Monday May 11,2015 and it was passed the same day.

 

The Cabinet on Wednesday May 13,2015 also approved the new Benami Transaction Prohibition Bill which aims at curbing the generation of domestic black money. Apart from confiscation, the Bill provides for prosecution for holding black money in the form of benami property, especially in real estate.