"When the black money law with regard to foreign assets was passed, I had said please declare and sleep well. "Starting from day after tomorrow, the new window opens and I will advise all those who have any undisclosed asset to declare it and pay the tax and sleep well. TOKYO: Warning black money holders of "serious trouble" if they fail to come clean, Finance Minister Arun Jaitley on Monday said people with undisclosed assets should use the limited period income declaration window, beginning Wednesday, if they want to "sleep well".The four month window under the Income Declaration Scheme 2016, which opens on June 1, allows domestic black money holders to declare their ill-gotten wealth by paying a tax and penalty totaling 45 per cent. They (now) have the option to either contest (the demand through) ligitation or go in for settlement. "In his Budget for 2016-17, the Finance Minister has provided for waiving of interest and penalty if the companies facing retrospective tax cases paid up the principal amount.

Source: Times of India May 30, 2016 12:22 UTC