"The law has been passed...We are going to announce the compliance period," he said during a talk organised by Columbia Business School.
    
The Minister also rejected the contention that the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides amnesty or immunity to persons holding undisclosed income overseas.

He said under the compliance window, a person holding unaccounted assets abroad will be given an opportunity to declare them and pay 30 percent tax plus 30 percent penalty to come clean.
    
"Within the compliance period you will have to declare the asset and then you will get a time period to pay your taxation plus penalty which is 30 plus 30 of (asset at the market value)," he said.

The Minister further clarified that those who will not make use of the compliance window to come clean will have to pay a tax of 30 percent, penalty of 90 percent and face prosecution.

"Once the compliance window closes then you lose the opportunity of paying that tax and then the penal provisions take over. These penal provisions are instead of 30 plus 30 you pay 30 plus 90 which is a 120 which means you lose the asset and pay something more than that. Your domestic assets can be a source of recovery of that amount plus you are liable for prosecution," Jaitley said.
 
The black money law will come into force from April 1, 2016.

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