Black money bill won't hurt students abroad

Indians studying or working abroad need not worry about disclosure of their bank accounts or assets as the provisions of the anti-black money law, passed by the Lok Sabha on Monday, will only be applicable to those who live in India for more than 182 days.

The government, however, will issue a special circular to ensure that Indian students or professionals, who stay in India for less than six months, are not required to comply with the provisions of the proposed law.

Finance Minister Arun Jaitley made an assurance after the Congress and other Opposition parties raised apprehensions that Indian students and professionals may unnecessarily be “harassed or victimised” by authorities with the passage of Undisclosed Foreign Income and Assets (Imposition of Tax) Bill by Parliament.

Jaitley asked the Opposition not to create “fear psychosis” by projecting such interpretations of the provisions of the proposed law, saying only those persons considered citizens of India will be liable to disclose their income and assets, who live here in the country for more than 182 days.