Black Money Bill Equally Tough On Abetors, Including Banks

BENGALURU:  In a bid to get back ill-gotten money stashed by Indians abroad, curb the menace and deter future such practices, the proposed new law not only seeks stringent action against perpetrators but also abetors like banks, chartered accountants, directors and employees.

"In keeping with the commitment of the government for focussed action on the black money front, an unprecedented, multi-pronged attack has been launched to root out the menace of black money," the finance ministry said, seeking to explain the nuances of the proposed new legislation.

"The government is confident that this new law will act as a strong deterrent and curb the menace of black money stashed abroad by Indians," it said about the bill, the Undisclosed Foreign Income and Assets Bill, 2015, tabled in Lok Sabha by Finance Minister Arun Jaitley.

"Abetment or inducement of another person to make a false return or a false account or statement or declaration under the act will be punishable with rigorous imprisonment from six months up to seven years," it said.

"This provision will also apply to banks and financial institutions aiding in the concealment of foreign income or assets of resident Indians or falsification of documents," it said as the bill makes it clear that proceedings can be initiated both against individuals and against enitities.
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