Black money bill

The parliament has passed the black money bill to deal with tax evasions. According to the bill, those who conceal income and assets and indulge in tax evasion will be punished for a term up to ten years of rigorous imprisonment and will also be liable to penalty up to 300 times the tax on the undisclosed income and assets. There would be a short compliance window for those having assets abroad to come clean and pay thirty percent tax and thirty percent penalty. The bill will now be sent to the President for his approval.