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Black Money Bill cleared in Lok Sabha today

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.