Union Cabinet clears new bill on black money:

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Union Cabinet clears new bill on black money:

NEW DELHI: To check black money menace, the Cabinet on Tuesday approved a new Bill that would give more powers to the tax department in tracking illicit wealth stashed abroad and provide for strict penal actions for such offence.

Sources said that the Cabinet approved the new bill this evening and it could be presented in Parliament during the ongoing session

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“It is our endeavour to introduce the Bill in the first leg of the Budget Session… before Parliament goes for recess,” Revenue Secretary Shaktikanta Das had said while addressing a CII event last week in Chennai.

Finance Minister Arun Jaitley in his budget speech had announced that the government would come out with a new law to effectively deal with the black money stashed abroad. The proposed law will have a provision of 10-year rigorous imprisonment for concealment of overseas assets. Jaitley had also said that a host of other tough measures including dis-incentivising of cash dealings in real estate and other transactions would be put in place.

The first leg of the ongoing Budget Session of Parliament ends on March 20.

Under the proposed law, concealment of income and assets and evasion of tax in relation to foreign assets will be prosecutable with rigorous imprisonment of up to 10 years, Jaitley had said, while adding that the offence will be made non-compoundable and the offenders will not be permitted to approach the Settlement Commission.

As regards curbing domestic black money, the finance minister had said a new and more comprehensive Benami Transactions (Prohibition) Bill would be introduced in the current session of Parliament

He had also proposed to amend the Income-tax Act to prohibit “acceptance or payment” of an advance of Rs 20,000 or more in cash for purchase of immovable property.

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