Process to bring back black money has started: Shiv Sena

The Shiv Sena on Wednesday said that the process towards bringing back the black money stashed abroad has begun, adding that it marks the first step towards the fulfilling of the promise made by Prime Minister Narendra Modi.

"The process towards bringing back black money has started and this is the first step towards fulfilling the promise made by the Prime Minister," Shiv Sena leader Sanjay Raut told ANI.

The Bill, which provides for penalty and tax up to 120 percent along with criminal prosecution for those who have parked black money abroad and provides for rigorous imprisonment of up to 10 years for offenders, 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 and 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.