Finance Minister Arun Jaitley said here on Friday that the Union government would soon come out with a compliance window under the black money law to allow persons having illegal money stashed away abroad to pay tax and penalty and come clean.
“The law has been passed ... I go back and we are going to announce the compliance period,” he said during a talk organised by Columbia Business School. The Minister rejected the contention that the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, provided amnesty or immunity to persons holding undisclosed income overseas.
He said that those who did not make use of the compliance window would have to pay a tax of 30 per cent and penalty of 90 per cent and face prosecution.
Here are some salient features about the Black Money Bill :
Read more: > Timeline: Indian black money in foreign banks
> Finance Minister Arun Jaitley on Black Money Bill
