Black Money Bill Empowers Tax Authorities To Deal With Illegal Wealth Stashed Abroad

18 New Delhi

Union Cabinet has cleared the black money bill, which proposes to provide powers to tax authorities to deal with illegal wealth stashed abroad.

A decision in this regard was taken at the cabinet meeting in New Delhi Tuesday . Government sources said, the bill will be introduced in the current session of Parliament. Under the provisions of the new Bill, the offence will be non-compoundable and the offenders will not be permitted to approach the Settlement Commission.

The bill also proposed the penalty at the rate of 300 per cent of taxes to be levied on the concealed income and assets, in addition to 10 years rigorous imprisonment.

In his budget speech this year, Finance Minister Arun Jaitley had said the government will come out with a new law to effectively deal with the black money stashed abroad as well as generation of black money in the country.