The Hon'ble Finance Minister in his
budget speech for 2015-16 had proposed introduction of Black Money Bill in the
Parliament. The Bill was passed by the Parliament in its budget session. The
Bill received the assent of the President on May 26, 2015 and it became the
law. It is to be called as "The Black Money (Undisclosed Foreign Income
and Assets) and Imposition of Tax Act, 2015" ("the Black Money
Act"). It has been clarified by the Government that such Black Money Act
would be applicable from July 1, 2015.