New Delhi, Oct 5: Finance Minister Arun Jaitley Sunday said people who had not declared their assets in the 90-day compliance window offered by the government will face the law including penalty and s0entence up to 10 years.
In an article titled ‘‘NDA government’s campaign against black money’’ on his Facebook page, he said those who had not disclosed illegal assets abroad stand the risk of information about them reaching Indian tax authorities due to several measures taken by the government.
Noting the NDA government had a strategy to deal with black money and had set up a team to monitor these cases in its first cabinet meeting, he accused the Congress-led UPA government of dragging its feet on the issue.
‘‘The (NDA) government swung into action and accelerated all the income tax assessments against those with regard to whom information about holding illegal money abroad in Lichtenstein and in the HSBC bank at Geneva, were available,’’ Jaitley said.
Most assessments have been completed and criminal prosecutions launched against the beneficiaries in case of illegality, he said.
‘‘A total peak balance of Rs.6,500crore in these accounts has been assessed,’’ Jaitley said. He noted that the government also brought a law and a 90 day-compliance window was offered to those having undisclosed assets abroad. September 30 was the last date of the compliance window. agencies
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