"I have been repeatedly saying that the era of tax haven has come to an end. It is no longer safe to keep your assets overseas illegally," he said in a press conference.
The world is increasingly moving towards automatic transmission of information with regard to illegal money held up. By 2017, the situation will arise that we will able to get information in real time, he added.
"In the Black Money Bill, which we have brought, we have provided a provision of compliance window...you utilise this opportunity, declare your assets, pay tax and pay penalty. If you do not use this chance, then we will take strict action," Jaitley warned.
Earlier this month, Parliament had passed Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015, which seek to unearth unaccounted wealth stashed abroad.

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