During the presentation of Union
Budget 2015-2016, Finance Minister Shri Arun Jaitely Ji, has announced
the scheme of rigorous taxes and penalties on those who have Foreign
Undisclosed Income and Assets. An act was made to provide the scope,
taxation and penalties on Black money in Foreign. The Act was given
assent by the President on 26th May, 2015 and is called BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015.