Law to bring back black money

New Delhi: Finance Minister Arun Jaitely proposed to enact a comprehensive law to bring back black money stashed abroad.

“We will curb benami transactions in property deals. The FEMA Act will be amended to incorporate black money provisions,” Jaitley announced.

Hoarding of black money will lead to rigorous imprisonment of 10 years, the finance minister said.

Bringing back black money stashed abroad has been a key promise of the Narendra Modi government and its first Cabinet decision was to announce the setting up of a SIT to probe black money cases.

When this new law kicks in is not yet known, but some are wondering if there would be a window perhaps of six months, for voluntary disclosure.

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