India Bill on black money |
India`s Cabinet of Ministers on March 17th cleared the Bill on black money to be introduced in Parliament this week. There is a provision in the Bill to allow the government to launch a one-time compliance scheme for those with black money abroad to come clean before the new law kicks in. The details of the compliance scheme, including the penalty, are expected to be announced as part of the rules. The offer for full disclosure will be available for a few months, although the exact duration of the one-time window has not yet been finalized.
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