New Delhi: The government is likely to table the black money bill in the Lok Sabha on Friday, to make non-disclosure of overseas income and assets a predicate offence that will attract punitive action including upto a 10-year jail term.
The Bill will provide a short window to overseas asset holders to declare their wealth, pay taxes and penalties to escape punitive action.
After being tabled, the bill could be referred to the Parliamentary Committee for scrutiny before being taken up for passage.
Earlier this week, the Cabinet approved the bill which provides for a maximum of 10 years rigorous imprisonment for offenders who conceal income and assets and indulge in evasion in relation to foreign assets.
Under the provisions of the new bill, the offence will be non-compoundable and the offenders will not be permitted to approach the Settlement Commission for resolution of disputes. READ MORE
The Income Tax assesses, who have overseas assets, will get a one-time opportunity for declaring them. The time-frame of the short window will be notified after the passage of the Bill. According to sources, the window will be for a few months.
The proposal to come out with a new law on the black money was mooted by Finance Minister Arun Jaitley in his budget speech. The bill will have certain strict provisions to prosecute those stashing illicit wealth abroad, including meticulous imprisonment of up to 10 years.