Black money holders will have a last chance to disclose assets

New Delhi, March 1 

In a bid to clamp down on the black money issue, the central government on Sunday disclosed that it will offer a "window" to Indians holding black money in foreign bank accounts to come clean but categorically ruled out any amnesty scheme for them.

A day after Finance Minister Arun Jaitley announced in his budget that the government would bring to force a stringent law with up to 10 years imprisonment for concealment of income, the central government said that foreign bank account holders would be provided a window to disclose their accounts and assets.

Minister of State for Finance Jayant Sinha said the failure to unveil assets abroad will invite a rigorous jail term of up to seven years, while concealment of income and tax evasion would result in 10-year imprisonment.

These provisions will be part of a bill that the government plans to bring in the current session of Parliament to check the black money menace.

Elaborating on Jaitley’s statement that the offences under these provisions would be non-compoundable, Sinha elaborated said concealment of overseas income and evasion of tax will be prosecutable, with the a punishment of up to 10 years of rigorous imprisonment. In case of non-filing of returns or filing of returns with inadequate disclosure of foreign assets, the punishment will be rigorous imprisonment up to seven years.

Sinha said penalty for concealment of such income and assets would be at the rate of 300 per cent of the tax.

The minister ruled out bringing any amnesty scheme. "There is no amnesty scheme. We have said very clearly, we expect everybody, who has any undisclosed wealth, accounts and so on ...outside the country should disclose that. We have created a window to do that. There is no amnesty at all. You have to disclose what you have. You have a certain amount of time to disclose that...If they don't disclose, they will be liable to punishment of various imprisonment up to 7 years."

Moreover, according provisions, the account holder will be mandated to specify the date of opening of foreign account in the return of income. — PTI