New Delhi, March 17 (IANS): Giving concrete shape to the announcement on recovering black money stashed away abroad by Finance Minister Arun Jaitley in his budget last month, the union cabinet on Tuesday approved a new law to track the hidden wealth.
Finance ministry sources told IANS that the union cabinet on Tuesday approved the Foriegn Income and Undisclosed Assets (Imposition of New Tax) Bill, 2015, for tabling in the Lok Sabha.
"On black money, a new structure including e-filing and tracking down is our abiding commitment," Jaitley had said in his first full budget speech on February 28.
He said a "comprehensive new law to track black money" would be framed and there will be rigorous imprisonment of 10 years under the black money law.
The finance minister said a 'benami' (proxy) property transaction bill will be brought to tackle black money transactions in real estate.