A New Armory to Fight Illegal Money Stashed Abroad

Abstract

Govt. of India has repeatedly reiterated its abiding commitment to track down and bring back income and wealth illegally stashed abroad. Such income legitimately belongs to India. The present income tax law has not been able to deal with this problem. The present Act only showed how difficult it is to lay our hands on undisclosed foreign income and wealth. A comprehensive new law on black money has just been enacted specifically to deal with such money stashed away abroad.