Cabinet Clears New Bill to punish Black Money Holders in Foreign Banks

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New Delhi, March 18: In a significant move, the Union Cabinet has cleared a new bill that would curb black money stashed abroad giving more power to the tax department. The bill was approved on Tuesday evening.

The bill will be tabled in both the Houses of the Parliament during this session, which is likely to be extended for two days to pass major bills including coal and mines bill.

Under the proposed bill, the accused will be punished for illegal foreign assets. Earlier, finance minister Arun Jaitley had said in his budget speech to bring a new law that will check the black money menace. Under this law, the black money holders will face rigorous imprisonment up to 10 years and 300% penalty for hiding deposits/assets in foreign countries

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