Lok Sabha passes Black Money Bill

Those wanting to come clean will have to declare assets and pay 30% tax and 30% penalty

The Lok Sabha today cleared Black Money Bill, which provides for penalty and tax up to 120% along with criminal prosecution for those who have parked black money abroad.

Piloting the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 for passage, Finance Minister Arun Jaitley asked the Opposition not to develop "cold feet" in supporting the legislation.

He rejected the opposition demand of referring it to the Standing Committee saying delay in enacting the legislation would provide opportunity to offenders to transfer unaccounted overseas wealth to unknown destinations.

For those wanting to come clean, Jaitley said there would be a compliance window in two parts -- to declare assets and to pay 30 per cent tax and 30 per cent penalty.