The primary objective of the Act was to curb the menace of black money stashed abroad by Indian citizens and entities, and to bring it back into the Indian economy.

Under the Act, willful attempt to evade tax on undisclosed foreign income and assets was punishable with both a fine of up to 10 times the tax evaded and imprisonment for up to 7 years.

The Act provided a 90-day window for individuals to declare their undisclosed foreign income and assets without facing any penalty.

Failure to declare undisclosed foreign income and assets within the specified time limit was punishable with both a fine of up to 30% of the undisclosed income and imprisonment for up to 3 years.

The enforcement of the provisions of the Act was the responsibility of the Central Board of Direct Taxes (CBDT), the Enforcement Directorate (ED), and the Reserve Bank of India (RBI).

The scheme introduced by the Act to encourage individuals to declare their undisclosed foreign income and assets was called The Black Money (Undisclosed Foreign Income and Assets) Declaration Scheme, 2015.

Under the Declaration Scheme, the tax rate applicable on the declared undisclosed foreign income and assets was 30%.

The deadline for individuals to pay the tax under the Declaration Scheme was 90 days from the date of declaration.

Failure to pay the tax under the Declaration Scheme within the specified deadline was punishable with both a fine of up to 10% of the tax due and imprisonment for up to 1 year.

The scheme introduced by the Act to encourage individuals to repatriate their undisclosed foreign income and assets to India was called The Black Money (Undisclosed Foreign Income and Assets) Repatriation Scheme, 2015.

Under the Repatriation Scheme, the tax rate applicable on the repatriated undisclosed foreign income and assets was 15%.

The deadline for individuals to repatriate their undisclosed foreign income and assets under the Repatriation Scheme was 180 days from the date of declaration.

Failure to repatriate the undisclosed foreign income and assets within the specified deadline under the Repatriation Scheme was punishable with both a fine of up to 10% of the amount to be repatriated and imprisonment for up to 1 year.

Loss of voting rights was not a consequence of failing to declare undisclosed foreign income and assets under The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 was repealed in the year 2019.