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Black Money Amnesty Not to Harass Declarants: Govt

Persons holding undisclosed foreign assets are advised to file their declarations in time well before the 30th September, 2015 as provided under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, said the finance ministry in a statement.

The information provided in the declaration will be kept confidential under Section 138 of the Income-tax Act and the process of filing declaration is simple and the declaration can be filed online too, said the statment annulling the fears of declarants that it might lead to future harassment.

The Black Money Act, 2015 has been enacted to deal with the menace of black money stashed abroad and it provides for a one-time compliance opportunity which will end on 30th September, 2015.

Failure to declare an undisclosed foreign asset will entail severe consequences under the Act, including higher penalty, prosecution, and may also result in forfeiture of assets under the Prevention of Money Laundering Act.

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