One-time chance on black money or 10 years in jail
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Violation of the Foreign Exchange Management Act may result in imprisonment up to five years. In addition to jail time, penalty will be levied at 300% of the tax due for concealing income and assets. Black money in foreign accounts will be non-compoundable and offenders will not be permitted to approach the Settlement Commission.
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"Tracking down and bringing back the wealth which legitimately belongs to the country is our abiding commitment," Jaitley said. His tough talk will give help blunt criticism that the government has been dragging its feet on the issue of black money. A separate bill will be brought to deal with domestic black money, primarily through benami transactions in real estate. It will allow for confiscation of benami property and provide for prosecution, blocking a major avenue for generation of black money. The Finance Bill also includes a proposal to prohibit payment or receipt of cash advances of Rs 20,000 or more for purchase of immovable property.
One-time chance on black money or 10 years in jail Reviewed by sambasivan srinivasan on 11:55:00 AM Rating: