Finance Minister Arun Jaitley said in Rajya Sabha that the new law, with stringent provisions, will help "squeeze" black money even as he underlined that the option of 'compliance window', which may run for a few months, was not an amnesty scheme.

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"The world is no longer willing to tolerate tax havens which thrive in secrecy," he added, just before the 'Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015' was approved by the House, two days after the Lok Sabha passed it.

The Bill, which seeks to unearth unaccounted funds and assets stashed by Indians abroad and provide for 120 percent tax and penalty in addition to 10-year jail term, will become law after getting assent of the President.
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The government has also armed itself to attach domestic property of equivalent value of such offenders.

Meanwhile,  Trinamool Congress and CPI(M) wanted the term 'black money' to be changed because of the hint of 'racism' in the expression.

The issue figured during a discussion on the Black Money (Undisclosed Foreign Income and Assets) in the Rajya Sabha.
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Derek O'Brien (TMC) stressed that the term black money should be changed as "dirty money".

Tracing the history of the term 'black money' to Europe several centuries ago, he said, money then appeared in black as it was mixed with copper while minting was called as black money.

CPI(M) leader Sitaram Yechury concurred with the view of his political rival. He said the term black money was "racist" and should be replaced with some other expression.

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