Black Money Bill passed in Lok Sabha

New Delhi: 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 Lok Sabha on Monday.

Finance Minister Arun Jaitley
Finance Minister Arun Jaitley

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. The Finance Minister said 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.