Budget 2015: New Law to Track Black Money, Says Arun Jaitley

Finance Minister Arun Jaitley today said the government was committed to tracing black money stashed abroad and a comprehensive new law will be framed to track it.

"On black money, a new structure including e-filing and tracking down is our abiding commitment," Mr Jaitley said in his Union Budget 2015 speech.

He said a "comprehensive new law to track black money" would be framed.

He also said there will be rigorous imprisonment of 10 years under black money law.

The Finance Minister said a benami property transaction bill will be brought to tackle black money transactions in real estate