The Supreme Court (SC) recently vacated a stay on the retrospective applicability of the controversial Black Money Law. This law, enacted in 2015, had been put on hold by the Delhi High Court which claimed that it couldn’t be allowed to operate with retrospective abilities to investigate and prosecute offenders. This article will delve deeper into the facts surrounding this.
The Controversial Retrospective Applicability of the Black Money Law
In actuality, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 was meant to come into effect on April 1, 2016. However, the government issued a notification on July 1, 2015 changing the date of commencement to July 1, 2015, effectively making it retrospective. The law, which penalizes the concealment of foreign income and holds those who evade tax on foreign income criminally liable, provided a one-time opportunity for Indian residents to declare undisclosed foreign income and assets. The penalty for failure to declare is heavy – taxing at the rate of 30% along with a penalty which is three times the amount of tax evaded, or 90% of the undisclosed income or value of the asset, as well as prison time.
| Key facts about Black Money Law |
|---|
| The law’s original start date was April 1, 2016. |
| A government notification changed the start date to July 1, 2015. |
| Those found guilty of concealing foreign income face severe penalties. |
| The law provides for a one-time declaration of previously undisclosed foreign income and assets. |
A Closer Look at West Nile Fever
Even as the black money law reclaims the spotlight, cases of infection resulting from the West Nile Virus have surfaced in the Malappuram and Kozhikode districts of Kerala. The State Health Department is now faced with the dual challenge of managing underreporting while identifying the source of this fever within the region.
The West Nile Virus, which causes viral infections and can lead to neurological disease and even death, was first identified in Uganda back in 1937. It’s predominantly found in Africa, Europe, Middle East, North America and West Asia and mainly spreads through mosquitoes but there are also instances of infection occurring via organ transplant, blood transfusion and breastfeeding.
Indonesian Presidential Election: Joko Widodo Wins Again
In other news, Joko Widodo has secured his position as the President of Indonesia after defeating former General Prabowo Subianto. Widodo, who has been in office since 2014, has crafted his image as a “man of the people” during his campaigns.
Indonesia, the largest country in Southeast Asia, lies across Equator and spans a distance equal to one-eighth of Earth’s circumference. Jakarta, its capital, is located near the northwestern coastline of Java. Interestingly, it shares a border with Malaysia in the northern part of Borneo and Papua New Guinea in the centre of New Guinea, which is part of Indonesia. With a Muslim-dominated population, 80% of the country practices Islam.
