Govt to frame new law to track black money, says Arun Jaitley

Finance Minister Arun Jaitley on Saturday said the government was committed to tracing black money stashed abroad and a comprehensive new law will be framed to track it.

"On black money, a new structure including e-filing and tracking down is our abiding commitment," Jaitley said in his Budget speech.

He said a "comprehensive new law to track black money" would be framed.

He also said there will be rigorous imprisonment of 10 years under black money law.

The finance minister said a benami property transaction bill will be brought to tackle black money transactions in real estate.