Black Money – Domestic and International Efforts

Lok Sabha passes benami transactions bill

  1. The bill provides for confiscation of benami properties, or assets held in the name of another person or under a fictitious name to avoid taxation
  2. This is the second initiative of the government to curb generation of black money
  3. First initiative: Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
  4. It was enacted to penalize those with unaccounted wealth abroad

By Root

Caretaker @civilsdaily

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