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Parliament to take up Bill next week

By The Assam Tribune

NEW DELHI, May 1 � The black money Bill will be taken up in Parliament next week, Finance Minister Arun Jaitley said today asserting that countries world over plan to put in place a mechanism for automatic exchange of information on any financial transaction from 2017, reports PTI.

�Next week, I intend to take up before Parliament the law with regard to taxation of undisclosed assets and incomes abroad,� he said at the Enforcement Day function organised by the Directorate of Enforcement.

The government in March introduced The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015, which provides for heavy penalty and stiff punishment of up to 10 years for stashing unaccounted funds abroad.

There will also be a window to help persons having such funds abroad to come clean by paying tax and penalty. Jaitley said the government has been taking steps to unearth black money stashed abroad.

�There are a large number of cases...Prosecutions against those offenders have been filed in the last few months. The assessment of hundreds of those cases has been completed. 121 prosecutions have been filed by the tax department against them,�

he said.

Jaitley said India is foremost among a large number of countries that are taking interest in the G-20 initiative on automatic transmission of information with regard to monetary transaction.

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Parliament to take up Bill next week

NEW DELHI, May 1 � The black money Bill will be taken up in Parliament next week, Finance Minister Arun Jaitley said today asserting that countries world over plan to put in place a mechanism for automatic exchange of information on any financial transaction from 2017, reports PTI.

�Next week, I intend to take up before Parliament the law with regard to taxation of undisclosed assets and incomes abroad,� he said at the Enforcement Day function organised by the Directorate of Enforcement.

The government in March introduced The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015, which provides for heavy penalty and stiff punishment of up to 10 years for stashing unaccounted funds abroad.

There will also be a window to help persons having such funds abroad to come clean by paying tax and penalty. Jaitley said the government has been taking steps to unearth black money stashed abroad.

�There are a large number of cases...Prosecutions against those offenders have been filed in the last few months. The assessment of hundreds of those cases has been completed. 121 prosecutions have been filed by the tax department against them,�

he said.

Jaitley said India is foremost among a large number of countries that are taking interest in the G-20 initiative on automatic transmission of information with regard to monetary transaction.