It is very well known that our country suffers a huge corruption rate and so putting an end to all the masterminds behind the black money that has been accumulating in their foreign bank accounts will now be dug and brought back to the country.
The Finance Minister Arun Jaitley rejected the opposition’s proposal of appointing a standing committee saying that delay of this bill will give time to those fraudsters to transfer the money without being able to trace it.
Arun Jaitley told that there is no official record of how much black money got stashed in the foreign countries but during the UPA’s rule few of the organisations estimated it to be between $466 billion and $1.4 trillion.
Aren’t to shocked to know just the estimated figures? However, revealing the brutal punishment to the perpetrators will be jailed for 3-10 years along with a huge penalty.
He said ” For the very first time, unlawful, disclosed income in the abroad has been taxed under the law at a rate of 30 percent along with an additional 30 percent of penalty.”
He also said that the bill introduced in March is completely in no connection with the bill passed now. Now people are eager to known that black money holders and the amount they have stashed in the foreign countries.
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