The Indian Parliament ratified the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 on May 13^th 2015.

The President of India signified his assent on 26 May 2015. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the "Foreign Assets Act") sets out a comprehensive framework for dealing with undisclosed foreign income and assets, together with imposition of tax on such undisclosed foreign assets and penalty for tax evasion and non-disclosure said Deepak Goil, our MGI member in Bangalore, India.

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