Blackmoney Bill to come up in Parliament next week; Centre initiates prosecution against offenders

In a stern warning to offenders, he said it would not be possible for anyone to hide unaccounted wealth as the international community is planning to put in place a mechanism for automatic exchange of information by 2017.

"Next week, I intend to take up before Parliament the law with regard to taxation of undisclosed assets and incomes abroad," Jaitley said at the 'Enforcement Day' function organised by the Directorate of Enforcement.

There will also be a window to help persons having such funds abroad to come clean by paying tax and penalty.

Jaitley said the government has been taken steps to unearth black money stashed abroad.   

"There are large number of cases...prosecutions against those offenders have been filed in last few months. The assessment of hundreds of those cases have been completed. 121 prosecutions have been filed by tax Department against them," he said.

With the international community including G-20 leaders taking various initiatives, it would become difficult for people to hide wealth within couple of years, he added.