Zee Media Bureau
New Delhi: The Companies Bill and the Black Money Bill will be taken up by the Rajya Sabha on Wednesday, the last day of the Budget Session.
It is expected that both bills will be passed by the Rajya Sabha following an agreement between the government and the opposition.
Deputy Chairman PJ Kurien had earlier said that the two bills - Companies (Amendment) Bill, 2014 and the Undisclosed Foreign Income and Assets Bill, popularly known as the Black Money Bill - will be discussed in the Upper House on Wednesday.
The Lok Sabha had passed the Black Money Bill earlier this week on Monday.
The Bill allows imposition of a steep 120 percent 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.
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 percent tax and a similar amount as penalty and escape prosecution.
(With Agency inputs)
