Reforms on track as RS okays coal, mines Bills; black money legislation tabled ... - Chandigarh Tribune

The BJP-led NDA government today heaved a sigh of relief with Parliament approving the Mines and Minerals (Development and Regulation) Amendment Bill and the Coal Mines (Special Provisions) Bill, on the last day of the first half of the Budget session after the Rajya Sabha outvoted opposition Congress and Left parties’ move against the legislations.

With this, the government secured the passage of five of the six ordinances before the April 5 deadline, allowing it to keep on track the move to reignite economic reforms.

However, the fate of the sixth in the form of politically contentious Bill on land acquisition remains in suspense. With both the Houses going into recess for four weeks, during which budgetary allocations for various ministries will be scrutinised, the ordinance will lapse.

Keeping his promise made during the Budget speech, Finance Minister Arun Jaitley introduced a Bill in the Lok Sabha to tackle black money, especially foreign income and assets held by citizens. As the Opposition resisted the passage of the land Bill, the government can either re-promulgate the ordinance for which it has to prorogue the Budget session, scheduled till May 8 mid-way. Otherwise, the government can allow the ordinance to lapse and work out a strategy when Parliament sittings commence for the second half on April 20.

The Congress and the Left parties were isolated on the Mines Bill. Although P Rajeev (CPM) had the satisfaction of the Chair admitting his motion to recommit the Select Committee report for reconsideration, with the JD(U) walking out and others like Trinamool not on board, the numbers did not add up.

Referring to the land Bill passed by the Lok Sabha, Parliamentary Affairs Minister M Venkaiah Naidu said it would be taken up during the next phase in the Rajya Sabha. “The government welcomes a wider national debate on the issue. Any good suggestions that will come out of such a debate will be considered by the government. The land Ordinance was a result of collective demand of the states for an enabling land acquisition law with fewer hurdles. The changes made to the Act of 2013 were aimed at benefiting farmers, rural areas and the country at large.”

Giving details of the functioning of both Houses, he said the Lok Sabha passed 14 Bills, while the Rajya Sabha cleared seven. Both Houses passed a set of seven Bills.

Sanjeev Sharma adds: New law on black money in foreign accounts follows the carrot-and-stick principle with a one-time compliance opportunity for a limited period to declare undisclosed foreign assets and after that stringent punishments will kick in going up to 10 years in prison for willful attempt to evade tax.

These are clauses in the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 introduced in the Lok Sabha today.

The Bill provides for separate taxation of any undisclosed income in relation to foreign income and assets. Such income will henceforth not be taxed under the Income Tax Act but under the stringent provisions of the proposed new legislation. The Bill also provides for a one-time compliance opportunity for a limited period to the persons who have any undisclosed foreign assets which have not been disclosed for the purposes of income tax.

Such persons will not be prosecuted under the stringent provisions of the new Act. The government has clarified that this is not an amnesty scheme as no immunity from penalty is being offered. It is merely an opportunity for persons to come clean and become compliant before the stringent provisions of the new Act come into force.