Centre not serious about bringing back black money: NCP

The Nationalist Congress Party (NCP) on Wednesday said the passage of the Black Money Bill in the Lok Sabha after one year of the NDA Government only shows that the Centre is not serious about it.

"The government is not serious about black money because the Bill has been brought after one year has passed. But we believe that as the Bill got passed in the Lok Sabha, it will also get passed in the Rajya Sabha," NCP general secretary Tariq Anwar told ANI.

Earlier, senior advocate Ram Jethmalani told the Supreme Court that the Centre's promise to bring back illegal money stashed abroad was 'worse than an illusion' and a 'fraud on the nation'.

The Bill, which provides for penalty and tax up to 120 percent along with criminal prosecution for those who have parked black money abroad, was passed in the Lok Sabha on Monday.

Union Finance Minister Arun Jaitley, who moved the bill in the Lok Sabha, asked the opposition not to develop 'cold feet' in supporting the legislation.

Jaitley rejected the demands of the opposition parties to refer it to the Standing Committee. The minister said that delay in enacting the legislation would provide opportunity to offenders to transfer unaccounted overseas wealth to unknown destinations.

The bill provides for rigorous imprisonment of up to 10 years for offenders.