India To crackdown on black money holders in Singapore

New Delhi Jan 18: In a move to crackdown on Black Money the central government has decided to penalize and prosecute Indians holding undeclared assets in the island country of Singapore.

Sources said that India and Singapore have started to share financial data for such undisclosed assets between 2008-2017 with each other as a part of the revised double taxation avoidance agreement (DTAA).

Sources said that "The foreign income or the size of the undisclosed assets will decide the ultimate penalty to be faced by the defaulters and they may have to pay taxes and penalties up to three times the tax computed, and as much as seven years in jail."

Earlier the government has amended the treaty with Mauritius, Cyprus, and Singapore to check round tripping of black money.Sources said that "the Indian tax authorities are also taking action against persons with the offshore accounts."