<h1>2015-16 Budget: New Laws Target Black Money, Ban Cash Deals in Real Estate, Impose Penalties for Non-Disclosure Abroad.</h1> The Finance Minister announced measures in the 2015-16 budget to combat black money, particularly in real estate. Amendments to the Income Tax Act will prohibit cash transactions of Rs. 20,000 or more in property deals, with equivalent penalties for violations. Trade-based money laundering will be addressed by including false customs declarations under the Prevention of Money Laundering Act. A new law targeting black money abroad will impose severe penalties, including imprisonment and hefty fines. Non-disclosure or inadequate disclosure of foreign assets will lead to imprisonment and taxation at the highest rate. Amendments to the PML Act and FEMA are planned, alongside the introduction of the Benami Transactions Bill.