Finance Minister Arun Jaitley Saturday said the government was committed to tracing black money stashed abroad and a comprehensive new law will be framed to track it.
“On black money, a new structure including e-filing and tracking down is our abiding commitment,” Mr. Jaitley said in his budget speech.
He said a “comprehensive new law to track black money” would be framed.
He also said there will be rigorous imprisonment of 10 years under black money law.
The finance minister said a benami property transaction bill will be brought to tackle black money transactions in real estate.
