Amended law provides those with unaccounted cash or deposits of cancelled .? 500 and .? 1,000 notes to pay 50% tax; plan to use funds from deposit scheme for pro-poor programmes New Delhi: The Lok Sabha on Tuesday passed the Taxation Laws (second) Amendment Bill, which provides another chance for people with unaccounted cash to come clean. The Taxation Laws (Second Amendment) Bill, 2016 was passed by a voice vote in a complete din without any debate. The amended law provides those with unaccounted cash or deposits of cancelled 500 and 1,000 notes to pay 50% tax and come clean, or else, if caught, face a much harsher penalty and possible prosecution. A quarter of the amount declared will be locked up for four years in interest free deposits, leaving such declarant with only 25% of funds for immediate use. Finance minister Arun Jaitley said the government had made these changes after it was seen that people were trying to launder the demonetised currency. “It was seen after November 8 t...