Passing of black money bill indicates priority we attach to issue: PM Modi

New Delhi: Prime Minister Narendra Modi on Wednesday termed as a "historic milestone" the passage in Parliament of the black money bill that aims to squeeze illicit accounts and transactions abroad and said it indicates the "priority" of the government.

"Passing of Black Money Bill (by Parliament) is a historic milestone. Personally, I am very delighted. It indicates the priority we attach to the issue," he tweeted.

 Passing of black money bill indicates priority we attach to issue: PM Modi

Narendra Modi. PTI

The 'Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015' was approved by Rajya Sabha on Wednesday, two days after the Lok Sabha passed it.

The Bill, which seeks to unearth unaccounted funds and assets stashed by Indians abroad and provide for 120 per cent tax and penalty in addition to 10-year jail term, will become law after getting assent of the President.

The government has also armed itself to attach domestic property of equivalent value of such offenders.

Dealing with the menace of black money was one of the main poll promises of Modi in the last Lok Sabha elections. Modi also said that the Social Security schemes launched last week have generated a "tremendous response" among people which is "very heartening to see".

In a series of tweets, he said, "Officials told me that over 50 lakh people have enrolled for the schemes in the last 2 days. Congrats to the people & officials."

"In Guj(arat)'s Punsari village, Panchayat has decided to pay the premium for the Social Security schemes launched. A great gesture," he added.

PTI

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Updated Date: May 13, 2015 21:29:00 IST