BILL ON TAXING MONEY DEPOSITED AFTER DEMONETIZATION PASSES
Amid fierce slogan shouting by the opposition, Finance Minister Arun Jaitley said the Taxation Laws (2nd Amendment) Bill, 2016 was brought after it came to the government's notice that some people were trying to illegally exchange the demonetised Rs 1,000 and Rs 500 currency notes. He said as per the amendment proposed, those caught illegally converting money will have to cough up 60 per cent tax plus penalties, which will come to 85 per cent. Those who disclose black money to banks will have to pay 50 per cent tax, including surcharge and penalty. While they will get back 25 per cent immediately, the rest 25 per cent will be returned after 4 years."It will give means to the Government of India to run schemes like Garib Kalyan Kosh... I urge the House to accept the amendments," he said. The Bill was later passed by a voice vote amid din.