New Delhi: The Lok Sabha today passed without discussion the Taxation Laws (Second Amendment) Bill, 2016 amid stormy protests by the Opposition. The Bill, moved yesterday as Money Bill for giving an opportunity to those with unaccounted money to make disclosures subject to 50 per cent tax, was passed by voice vote, rejecting one opposition amendment moved by Bhartruhari Mehtab of the BJD.
Other amendments moved by N K Premchandran of the RSP, Mr Mehtab of the BJD and K Venugopal of the Congress were not admitted for want of Presidential assent. The Opposition cried foul over the hasty manner in which the Bill was brought, even as Finance Minister Arun Jaitley said it followed from the November 8 announcement of Prime Minister Narendra Modi for demonetisation of Rs 500 and Rs 1000 currency notes whose objective was to unearth the black money.
He said the Bill had been necessitated as some people were illegally trying to change their old unaccounted notes, but now if caught, they will have to shell out 85 pc tax and penalty. (UNI)