In a debate moderated by TIMES NOW's Editor-in-Chief Arnab Goswami, panelists -- Dr Sudhanshu Trivedi, National Spokesperson, BJP & Political Advisor to Rajnath Singh; Pavan Kumar Verma, MP, Rajya Sabha JD (U); Sushmita Dev, MP, Lok Sabha, Congress; Rahul Narvekar, Spokesperson & MLC, NCP; and Prof R Vaidyanathan, Professor, IIM Bangalore -- discuss the issue of LS passing black money bill in Parliament, and as to which party is getting nervous.

Lok Sabha today passed a bill to deal with black money stashed abroad through high monetary penalty and criminal prosecution with the government allaying fears that innocent people could be harassed under the proposed "deterrent" law. Piloting the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015, Finance Minister Arun Jaitley said there would be short compliance window for persons having undisclosed income abroad to come clean by paying 30 per cent tax and 30 per cent penalty. Once the compliance window closes, anyone found having undeclared overseas wealth would be required to pay 30 per cent tax, 90 per cent penalty and face criminal prosecution, he said while winding up the debate on the bill which was later approved by the House. For those wanting to come clean, Jaitley said there would be a compliance window in two parts -- to declare assets and to pay 30 per cent tax and 30 per cent penalty. Citing an example, he said, there could be a two-month window to declare overseas assets and within six months one would have to pay tax and penalty. Jaitley said the law will help bring black money in the declared economy, improve tax collections and would eventually facilitate lowering of tax rates. Noting that this bill was specifically to target black money stashed abroad, he said a separate benami bill will soon be brought before Cabinet to tackle domestic black money. Rejecting the opposition charge that the stringent provisions could result in harassment of innocent people and students, he said, "we