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Lok Sabha passes Finance Bill, 2012



Lok Sabha passed Finance Bill, 2012 in Parliament on Tuesday, and Finance Minister promises to table White Paper on black money by the end of the current session. 

Finance Minister Pranab Mukherjee speaking about the Finance Bill in Parliament said that, "India cannot be allowed to become a tax haven just to attract foreign investment."
"Legislature has right to amend laws to correct Supreme Court judgement. India not inferior to any other country in respect of having retrospective changes in tax laws," added the finance minister.

Promising to table a White Paper on black money by the end of the current session, the Minister said, three institutions were assessing the estimates of such funds and the reports are expected by July-August.
While responding to BJP leader L K Advani's queries on disclosing names of those who had stashed black money abroad, Mukherjee said, the government would disclose them only when prosecution is launched by tax authorities.

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