Cabinet clears black money bill, to strictly punish offenders

New Delhi : India’s cabinet on Tuesday approved black money bill to strictly punish the offenders

10-year jail term will be awarded to those who will be found guilty for holding illicit wealth abroad

This is seen as the first hard step taken in favour of commitment made by Modi government 10-month ago

Finance Minister Arun Jaitley had also announced a similar ideology during the budget session held recently

"The bill has a provision of 10-year imprisonment for concealment of overseas assets," Reuters quoted an official saying after a cabinet meeting, requesting not to be named.

The bill is expected to be introduced during the current session of parliament.