New Delhi, Nov 30: The government on Tuesday stunned the Opposition by getting a bill, which seeks to tax unaccounted income up to 85%, passed by the Lok Sabha within 24 hours of its introduction.
On Tuesday, the bill was again moved by the minister for consideration and passage amid intense sloganeering in the House. It was passed within 15 minutes without any discussion.
Through the bill, the government seeks to check illegal exchange of the banned Rs 500 and Rs 1,000 currency notes and laundering of black money through banking channels amid cash crunch.
Since it is a money bill, it cannot be stalled by the Rajya Sabha where the government lacks majority. The Rajya Sabha also cannot withhold the bill for more than 14 days. If the Upper House does not return the bill in the current session, the government will consider it deemed passed by the House and send it to the President for his assent.
Speaker Sumitra Mahajan allowed the bill to be taken up without any debate. Moving the bill, Jaitley said those who disclose black money will have to pay 50% tax that includes penalty and surcharge but those who try to hide will have to do away with 85%.
“It will give means to the Government of India to run schemes like Garib Kalyan Kosh...I urge the House to accept the amendments,” Jaitley said.
The finance minister said early passage of the bill was necessary to get the black money that has entered into the banking system after the demonetisation drive.
The bill has a provision of locking one-eighth of the total ill-gotten income for four years in zero interest government bonds. This money will be used for upliftment of the poor.
Parliament’s winter session is concluding on December 16. Top sources said the government had no other option but to pass the bill in the Lok Sabha on Tuesday as it was running against time for its immediate implementation.
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