Black money Bill to be in Parliament next week: Arun Jaitleyhttps://indianexpress.com/article/business/business-others/black-money-bill-to-be-in-parliament-next-week-arun-jaitley/

Black money Bill to be in Parliament next week: Arun Jaitley

Government's ‘The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015,’ provides for heavy penalty and stiff punishment of up to 10 years for stashing unaccounted funds abroad.

arun jaitley, finance bill, ITR
Jaitley said there are a large number of prosecutions against those offenders, whose accounts were informed to Government of India which have been filed in the last few months.(Source: PTI photo)

Calling for every assessee and businessman to take a judgment call to “go straight”, finance minister Arun Jaitley Friday said that it is in public interest that “not transacting in black money now becomes a way of life.” He said the government was working hard to crack down on black money transactions, and that he intended to push for the black money law in Parliament next week.

Read: Benami deals; 3 years of jail if convicted, says proposal

“In the last few months, our tax departments, the enforcement departments and their officers have been working round-the-clock. In cases where facts have come, there’s an international cooperation going on. More details with regard to individual offenders are coming in cases which were disclosed,” Jaitley said at the ‘Enforcement Day’ programme organised by the enforcement directorate.

Read: Cabinet clears black money bill, proposes one-time amnesty but hard action

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He added, “Next week I intend to take up before Parliament the law with regard to taxation on undisclosed assets and incomes abroad. There are a large number of prosecutions against those offenders, whose accounts were informed to Government of India which have been filed in the last few months. I understand that the assessments of hundreds of those cases have been completed. 121 prosecutions have been filed by the tax department against those who were caught with accounts abroad.”

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In March, the government had introduced ‘The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015,’ that provides for heavy penalty and stiff punishment of up to 10 years for stashing unaccounted funds abroad.

He said that India was foremost amongst a large number of countries taking active interest in the G20 initiative on automatic transmission of inform the G-20 initiative on automatic transmission of information with regard to monetary transactions.

He also added that the Supreme Court-appointed special investigation team was keeping a close eye on the systems the Centre is setting up, and the efforts at enhancing abilities to investigate black money cases.

Commenting on the stability of the rupee, he said, “With a strengthening dollar in the last few months, it’s only because our reserves have kept us in the game that while most other currencies in the world … depleted substantially, to a large extent the rupee is amongst the few currencies which have struggled to keep pace with the dollar, though there has been a slight depletion. For other currencies, we’ve appreciated..”

Amending law to help duped investors: Revenue Secy

New Delhi: Identifying hawala transfers and trade-based money laundering, accommodation entry cases and ponzi schemes as three major areas of focus for the enforcement directorate, revenue secretary Shaktikanta Das said that the Finance Bill passed in Lok Sabha had very important components which had gone largely unnoticed.

“The second important component is that in the case of ponzi schemes, the Bill provides for restitution of assets under the PMLA. This is very important as we have to think of poor investors who get carried away by the handsome returns promised by ponzi schemes,” Das said. ENS