NEW DELHI, July 2 � The black money law that provides for stringent penalties and jail term for failing to disclose overseas income has been operationalised from July 1 this year, instead of April 2016, the Finance Ministry said, reports PTI.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, as passed by Parliament, was to come into effect from April 1, 2016, after providing for a short �compliance window� to foreign asset holders to come clean.
When asked whether the black money law has come into force, a top revenue department official confirmed. �Yes, with effect from July 1�.
The changes were being made to remove the difficulties with regard to dates for implementation of the provisions of the new black money law, a Finance Ministry Order said.
