Bill to deal with black money abroad gets approval
The Dollar Business Bureau The lower house of the Parliament, Lok Sabha, on Monday, passed the Undisclosed Foreign Income and Assets (UFI&A) (Imposition of Tax) Bill, 2015, which would further deal with the black money stashed overseas. The Bill was passed in Lok Sabha amidst Opposition’s demand to forward the Bill to a Standing Committee. Rejecting the Opposition’s demand, Arun Jaitley, Union Finance Minister, said, “Delay in enacting the legislation would provide the offenders an opportunity to transfer their unaccounted wealth to the unknown destinations.” There would be a short compliance window for the undisclosed income holders which would provide them an opportunity to come clean by paying 30% tax and 30% penalty, informed the Minister speaking at ...
