Black money holders to get last chance

New Delhi, March 1 

Indians holding black money abroad will be given a last chance to disclose their overseas bank accounts or wealth to the government and avoid a jail term. Minister of State for Finance Jayant Sinha today said the failure to unveil assets abroad will invite a rigorous jail term of up to seven years, while concealment of income and tax evasion would result in 10-year imprisonment.

These provisions will be part of a Bill that the government plans to bring in the current session of Parliament to check the black money menace.

"There is no amnesty scheme. We have said very clearly, we expect everybody, who has any undisclosed wealth, accounts, so on ...outside the country should disclose that,” he said. Elaborating on the proposed legislation, Sinha said the concealment of income and tax evasion could result in imprisonment of up to 10 years. — PTI