NEW DELHI, May 13 � A Bill to deal with black money stashed abroad was passed by the Parliament today with the government warning those having such assets to utilise the �compliance window� or have sleepless nights once the global automatic information exchange system comes into effect in 2017.
Finance Minister Arun Jaitley said in the Rajya Sabha the new law, with stringent provisions, would help �squeeze� black money. He said the option of �compliance window�, which may run for a few months, was not an amnesty scheme.
�The world is no longer willing to tolerate tax havens which thrive in secrecy,� he said, just before the �Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015� was approved by the House, two days after the Lok Sabha passed it.