The Black Money Bill, which proposes to provide powers to tax authorities to deal with illegal wealth stashed abroad, has been cleared by the Union Cabinet.
The decision over the bill was taken at the cabinet meeting here on Tuesday.
According to reports, the bill will be introduced in the current session of Parliament. Under the provisions of the new Bill, the offence will be non-compoundable and the offenders will not be permitted to approach the Settlement Commission.
The bill also proposed the penalty at the rate of 300 per cent of taxes to be levied on the concealed income and assets, in addition to 10 years rigorous imprisonment.