Tuesday, 12 May 2015

Black Money Bill likely to cross Rajya Sabha hurdle today

The Companies Bill and the Black Money Bill will be taken up by the Rajya Sabha on Wednesday, the last day of the Budget Session.

It is expected that both bills will be passed by the Rajya Sabha following an agreement between the government and the opposition.

Deputy Chairman PJ Kurien had earlier said that the two bills - Companies (Amendment) Bill, 2014 and the Undisclosed Foreign Income and Assets Bill, popularly known as the Black Money Bill - will be discussed in the Upper House on Wednesday.

The Lok Sabha had passed the Black Money Bill earlier this week on Monday.

The Bill allows imposition of a steep 120 percent of tax and penalty on undisclosed foreign assets and income besides a jail term of up to 10 years to deal with black money stashed abroad.

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