Indian cabinet amends bill to stamp out "black money" in real estate

April 7, 2015 4:10 PM

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NEW DELHI, April 7 (Reuters) - India's cabinet widened the reach of a bill on Tuesday to regulate the real estate sector and curb undeclared "black money" in property markets that costs the exchequer billions of dollars in lost taxable income.

The decision by Prime Minister Narendra Modi's government to amend the bill, which was submitted by the previous government in 2013 but not passed by the upper house, aims to boost investor confidence and stamp out illegal practices in the real estate sector.

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