New Delhi: The government plans to take up the black money bill in Parliament in the coming week, finance minister Arun Jaitley said on Friday, as the government steps up efforts to detect unaccounted wealth stashed in overseas bank accounts.

He reiterated the government’s intent to curb tax evasion but warned tax men against overkill, while addressing Enforcement Directorate officials in Delhi.

Stating that technology has helped in covering illicit transactions, Jaitley said mechanisms need to be put in place to control such transactions.

The government is looking to lower tax rates and provide ease of doing business to ensure easier compliance, the finance minister said.

The government plans to bring in two bills to curb black money both within and outside the country as part of its poll promise of bringing back unaccounted wealth stashed overseas. While it introduced the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill 2015 in March, it also plans to bring in a law to strengthen the benami transactions prohibition Act. A benami transaction is one in which wealth amassed illegally is used to purchase property, or other assets, in the name of another person or under a fictitious name.

The bill to check black money stashed overseas has a stringent jail term and a monetary penalty for failure to disclose accounts and assets held in foreign countries.

The government’s efforts will be aided by the G-20 initiative on automatic exchange of information on all financial transactions. “By 2017, the target is that all transactions would become transparent. Each country would go out of way to cooperate with us...by 2017, we are going to make it extremely risky for anybody to have unlawful assets or unlawful transaction of money," Jaitley said.

Close