Prime Minister Narendra Modi on Wednesday hailed the passing of the Black Money Bill by the Parliament as a 'historic milestone', saying he was personally delighted at the development.
"Passing of Black Money Bill is a historic milestone. Personally, I am very delighted. It indicates the priority we attach to the issue," Prime Minister Modi said on twitter.
The Black Money Bill was passed by the Rajya Sabha today. Its passage in Parliament now provides the government with the right to impose a penalty and a tax of up to 120 percent along with the right to sanction criminal prosecution for those parking black money in safe havens abroad.
The Bill, which also provides for rigorous imprisonment of up to ten years for offenders, had been passed by the Lok Sabha on Monday.