The Supreme Court will hear Bharatiya Janata Party leader Subramanian Swamy’s plea on black money issue when the Special Investigation Team (SIT) is also likely to file a fresh status report. Swamy had in his plea suggested some measures for bringing back black money. The Supreme Court had earlier asked the SIT to file a fresh status report by today on the progress made by it on black money probe. Prior to this, it had asked the SIT to consider suggestions of senior advocate Ram Jethmalani, who had filed a PIL in 2009 on the black money issue, on the way forward to bring the illegal money stashed in banks abroad.
The SIT on black money had been formed by the apex court last year. Meanwhile,Lok Sabha passed the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015. A stringent law imposing a steep 120 per cent of tax and penalty on undisclosed foreign assets and income besides a jail term of up to 10 years to deal with black money stashed abroad was passed by the Lok Sabha .
Before the new law comes into effect, a limited period window will be provided to people to declare their till now undisclosed income and assets, pay 30 per cent tax and a similar amount as penalty and escape prosecution.