Deposits in banks located outside the country may attract wealth tax, as part of government's drive to unearth black money. The proposal is part of the Direct Taxes Code (DTC) bill. The draft legislation is being scrutinised by a Parliamentary panel. According Finance ministry this is one of specific new measures for unearthing black money. The Bill also proposes a reporting requirement making it obligatory on the part of resident assessees to furnishdetails of their investment and interest in any entity outsideIndia. It also calls for imposing a wealth tax of 1 per cent on the net assets exceeding 1 crore rupees. The Bill, introduced in the Lok Sabha in August 2010, has objective to overhaul the over 50 years old Income Tax Act.