Black Money Bill should pass in Budget Session, government sources tell CNBC-TV18, adding that it is a money bill and doesn’t need Rajya Sabha approval.
According to sources, the government is likely to offer 2-3 month compliance window for disclosure and a one-time offer to declare wealth and pay 30 percent tax or 90 percent penalty.
Sources say large scale compliance is expected given the stringent imprisonment clause. Furthermore, permanent account number (PAN) card will be needed for high value transactions like that of cash of over Rs1 lakh.
The government is learnt to be reconfiguring software for enhanced scrutiny. The software reconfiguration to red flag large cash deposits by companies and against “agri income”.
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