The Lok Sabha has passed the bill to tax money on November 29 without any debate.

Finance Minister Arun Jaitley said, "amid fierce slogan shouting by the opposition, the Taxation Laws (2nd Amendment) Bill, 2016 was brought after it came to the government's notice that some people were trying to illegally exchange the demonetised Rs 1000 and Rs 500 currency notes."

He said, "as per the amendment proposed, those caught illegally converting money will have to cough up 60 peer cent tax plus penalties, which will come to 85 percent."

"It will give means to the Government of India to run schemes like Garib Kalyan Kosh...I urge the House to accept the amendments," he said.
Speaker Sumitra Mahajan said, "since the bill is of urgent public importance, it has to be passed immediately."

Though she wanted a debate, she said: "it is impossible because of the behavior of the opposition members."

She also rejected some amendments moved by opposition members because they required President's approval which could not be obtained. Two amendments proposed by N K Premchandran (RSP) and B Mahtab (BJD) were allowed.

Congress leader in the Lok Sabha Mallikarjun Kharge and TMC's Sudip Bandhopadhyay said: "the two Adjournment Motion on demonetization and the Income Tax Amendment Bill can be discussed together as the issues were similar."

Saugat Roy (TMC) said "since Jaitley yesterday introduced the Bill "surreptitiously" and "stealthily" amid the din, the opposition did not get a chance to oppose its introduction as per rules."

B Mahtab said, "the discussion on demonetization was also necessary along with a debate on the bill as it had serious repercussions on the Income Tax laws."

He said "a way should be found. When opposition members questioned bringing the bill for consideration and passage today at a short notice, Jaitley and Information and Broadcasting Minister M Venkaiah Naidu said they were casting aspersions on the Chair."

The members kept shouting slogans till the bill was passed. Soon the House was adjourned for the day.  

Also Read: Telangana Assembly Pass GST Bill

BY M. DIVYA SRI