Ø India and other emerging economies face the risk of high market volatility
and a sudden flight of capital as the United States is gearing up to increase
interest rates by the end of this year, Christine Lagarde, Managing Director,
International Monetary Fund (IMF), told an interactive meeting at the Reserve
Bank of India headquarters.
Ø The Union Cabinet on Tuesday approved a Bill to deal with cases relating
to black money stashed away overseas. The Undisclosed Foreign Income and Assets
(Imposition of Tax) Bill provides for a penalty of up to 300 per cent of tax
amounts evaded, in addition to 10 years’ rigorous imprisonment. The Bill
proposes mandatory filing of returns for owners or beneficiaries of foreign
assets. Failure to make the disclosures is punishable with a jail term of seven
years. Finance Minister Arun Jaitley had announced that the Bill would be
introduced in the current session of Parliament while presenting the Union
Budget. The first leg of the Budget Session is scheduled to end on Friday. For
tackling the menace of domestic black money, the Finance Minister had announced
a new and more comprehensive Benami Transactions (Prohibition) Bill, which too
will be introduced in the session. He proposed to amend the Income Tax Act to
prohibit “acceptance or payment” of an advance of Rs. 20,000 or more in cash
for buying immovable property.
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