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New India Law to Tackle Black Money With Jail Time for Evaders

India plans to tackle unaccounted money usually stashed away in secret overseas bank accounts with a new legislation that calls for steep fines and even prison term for offenders.

The government will introduce the bill in the current session of Parliament, Finance Minister Arun Jaitley said in his budget speech today. If approved by the members, those hiding income and evading taxes on foreign assets could face up to 10 years in jail and a penalty of as much as 300 percent of the amount originally owed to the government.