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Prevention of Black Money Act already under way
Posted on: 04/Jul/2015 10:18:30 AM
The Central Government announced that the law against Black Money in the country has come into effect as on 1st July, 2015. The announcement was made by an official of the government.
Previously, the government had announced that this law, that curbs the amount of black money in the economy, was to come into effect only in April 2016.
The Prevention of Black Money Act has severe punishments, which include heavy fines and even imprisonment. There is a 90 - day bracket given for people to declare their assets honestly. Those who take up this opportunity will receive minimal punishment, as before. If not, they will be booked under the new Act.
