Taking a concrete step towards the prevention of black money, the finance minister in his budget speech announced to introduce a bill for prevention of black money.
For prevention of domestic black money a new act referred to as the BENAMI act is in the offing in the current budget session.
The salient features of the bill includes the provision of prosecution and penalty on individuals and entities that are guilty of concelament of assets and encouraging creation of black money.
The provision of rigorous imprisonment could be upto 10 years for concealment of assets and black money of serious nature.
"Concealment of income and assets and evasion of tax in relation to foreign assets will be prosecutable with punishment of rigorous imprisonment upto 10 years," stated the finance minister.
Penalty on the assets would be at the rate of 300 per cent.
Non filing of return and inadequate disclosure would lead to imprisonment of upto 7 years. Income in relation to any undisclosed foreign asset or undisclosed income from any foreign asset will be taxable at the maximum marginal rate, he said
The allocation for Special Investigation Team (SIT) on black money has also been hiked by 10% to Rs 45.39 crore.