New Delhi: Finance Minister Arun Jaitley proposed a tough new law Saturday to check the flow of black money abroad, with rigorous imprisonment of upto 10 years. To curb domestic black money, a Benami Transactions (Prohibition) Bill will be brought in.
“Tracking down and bringing back wealth legitimately belonging to the country is our abiding commitment,” Mr Jaitley said. He said the government decided to enact a new law after recognising the limitations under existing legislation.
“Concealment of income and assets and evasion of tax in relation to foreign assets will be prosecutable with punishment of rigorous imprisonment upto 10 years,” Mr Jaitley said. This offence will be non-compoundable and offenders will not be permitted to move the Settlement Commission. The penalty for concealment of income and assets will be levied at the rate of 300 per cent of tax.
Non-filing of returns or filing with inadequate disclosure of foreign assets will be liable for prosecution and will be punishable with rigorous imprisonment upto seven years.