Modi government completes one year of being in power. During this tenure, it has really shown its power. Power of not only facing the issues but also the power to handle and solve it.   

Before this, there were just talks about the problems but nobody took the initiative to solve it. Now, we have a political army to fight against all issues of our country.

Recently, to deal with the much-delayed issue of black money, government has taken more stringent move to crack the stockpile of black money. After the issue target list of names of foreign account holders, now, government has come up with the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015.

To be more clear about intention of government it has changed the nomenclature of bill to BLACK MONEY BILL. Thus, government is more specific and clear about what it aims to do and will acts accordingly. Black money holders shall take his as an alarming notification and shall be alert as this government has decided to bring all money back to India.

Black Money Bill is now passed in Lok Sabha. Through this bill, government is directly hitting black money holder and challenges them to dispose them off. Key highlights of this bill can be summarized as:

• Penalty and tax up to 120 per cent along with criminal prosecution for those who have parked black money abroad.
• For those wanting to come clean, there would be a compliance window in two parts – to declare assets and to pay 30 per cent tax and 30 per cent penalty.
• Once the compliance window closes, anyone found having undeclared overseas wealth would be required to pay 30 per cent tax, 90 per cent penalty and face criminal prosecution.
• Rigorous imprisonment of up to 10 years for offenders.
• This bill does not have provisions to deal with domestic illegal assets and cash held on Indian soil.

Time is limited for those who keep money outside. Now, the world is moving to an automatic information exchange and soon, when that is available, they will be penalized for their action.

With coming of this bill, it seems like government is fully prepared and confident to recognize such crowd and penalize them for their deed. Government shows a soft corner for its citizen and thus, providing an option to disclose all their foreign assets within a time frame. If this is not availed then you may have to face worst. So BEWARE!! Black Money Bill passed to drag black money holder out of their hole

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