90% Penality, Jail for Black Money Hoarders

Published on March 21, 2015 13:37:37 PM

The Union government on friday announced a set of stringent provisions, including 90% penality on the people having undisclosed foreign assets and income overseas. Apart from penalty, the bill provides imprisonment of up to 10 years for concealment, non-disclosure, false declaration as well as abetment. These steps are being taken after the government introduced the Undisclosed Foreign Income and Assets Bill in the Lok Sabha recently.