Zee Media Bureau
New Delhi: The Rajya Sabha on Wednesday passed the Black Money Bill. It was earlier passed by the Lok Sabha, the Bill will now go to the President.
''Those who work abroad are not going to be covered, will only be applied to resident tax payers,” said Arun Jaitley, Finance Minister.
The Finance Minister said that as far as the application of this act is concerned, it applies to resident tax payers.
The Bill will put in strong deterrent for those who do not come clean in a one-time window being provided under the law and declared unaccounted foreign wealth.
India and other G-20 members have committed to a global framework on automatic information exchange. It will also receive information on assets held by its citizens from the US under FATCA.
The bill was passed by voice vote in the lower house earlier this week. The detailed rules are likely to provide a 60-day window for offenders to come clean.
The Bill allows imposition of a steep 120 percent of tax and penalty on undisclosed foreign assets and income besides a jail term of up to 10 years to deal with black money stashed abroad.
Before the new law comes into effect, a limited period window will be provided to people to declare their till now undisclosed income and assets, pay 30 percent tax and a similar amount as penalty and escape prosecution.
