The new Bill on black money which will soon be brought in Parliament will empower the Government to take action against banks and financial institutions if they are found guilty of abetting some individual entities in hiding any illegal wealth.
Revenue Secretary Shaktikanta Das on Wednesday said that a new Bill on black money is going to be presented before the Parliament and the Government will also make efforts to pass it in the on-going Parliament session.
"The black money law which is now under drafting will be very comprehensive piece of legislation. The new law will target not only the perpetrators of the offence, but also the arbitrators, the abettors and the beneficiaries," said Das at a post-Budget seminar organised by ASSOCHAM. He added that the perpetrators could be individual entities or institutions, while abettors could be banks or financial institutions.