Amid uproar over the government’s demonetisation decision in the parliament, the Lok Sabha has on Tuesday passed a bill to amend the Income Tax law, providing a window to black money holders.
#FLASH The Taxation Laws (Second Amendment) Bill 2016 passed in Lok Sabha.
— ANI (@ANI_news) November 29, 2016
Union Finance Minister Arun Jaitley earlier introduced the bill that provides for black money declarants a mandatorily depositing of 25 percent of the amount disclosed in anti-poverty scheme without interest and a four-year lock-in period.
Jaitley said the government moved amendments in Income tax law after reports of people trying to convert black money into white post-demonetisation.
Meanwhile, both the houses have been adjourned till 11 am tomorrow after multiple disruptions.