Modi cracks whip on black money hoarders..85% tax plus jail

New Delhi: After giving many chances to the black money hoarders, PM Narendra Modi has decided to crack the whip on the hoarders who do not fall in line.

Under the new law, if a balck money hoarder does not declare his total undisclosed income and assets even after search and seizure operations of the Income Tax Department, the hoarder will be taxed at the rate of 75% plus 10% penalty on the amount. He may also be sent to jail.

On the under hand, if during a search and seizure undisclosed income is discovered, and the horader admits he has no more black money, then the tax rate will be 75% (News24Bureau)