Mincing no words on the black money issue, finance minister Arun Jaitley articulated the non-compromising position being held by Prime Minister Narendra Modi's government.
The following measures were tabled on the floor of the Parliament:
- Discussions with the Swiss authorities continue and the Narendra Modi government is committed to go after concealment of income and foreign asset ownership in violation of stated principles.
- A new comprehensive law is to be tabled with proposals that extend to rigorous imprisonment of various durations for income concealment and holding of funds in offshore accounts illegally.
- The law will also introduce non-compoundable imprisonment and non-settlement clauses, in its bid to persuade people to pay the rightful amount of tax.
- Even in the case of non-filling of returns over foreign ownership of property and funds, a rigorous imprisonment of 7 years would become the punishment mechanism.
- The Foreign Exchange Management Act (FEMA) will be amended.
- Benami ownership risks confistication, especially in real estate.
- The Finance Bill will also be amended to cover land ownership transactions.