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Cabinet approves bill to punish hiding of foreign assets
Highlights
The cabinet approved a bill on Tuesday that would introduce a 10-year jail term for people convicted of illicitly stashing wealth abroad, a senior official said.
he cabinet approved a bill on Tuesday that would introduce a 10-year jail term for people convicted of illicitly stashing wealth abroad, a senior official said.
The move is viewed as a first step towards empowering tax authorities and meeting the commitment of Prime Minister Narendra Modi's 10-month-old government to enact a new law on 'black money', a key political challenge.
Finance Minister Arun Jaitley announced the pledge as part of reform measures in last month's budget.
"The bill has a provision of 10-year imprisonment for concealment of overseas assets," the official said after a cabinet meeting, requesting not to be named.
It is expected to be introduced during the current session of parliament.
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