Union Cabinet clears new bill on black money

NEW DELHI: The Union Cabinet on Tuesday evening has cleared the Black Money Bill, which aims to strengthen the hands of tax department in dealing with illicit wealth stashed abroad.

According to source the bill is expected to be introduced in the ongoing Parliament 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. The first leg of the ongoing Budget Session of Parliament ends on March 20.

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