The government has taken several initiatives to deal with the menace of black money. In a written reply in the Lok Sabha, Minister of State for Finance , Mr Jayant Sinha informed that government has brought a Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act -2015 which provides for separate taxation of any undisclosed foreign income and assets. He said, the government has notified the rules for Know Your Customer, KYC registry at the Centre under Prevention of Money Laundering Act, PMLA and steps are being taken to establish it. <br/><br/>The Minister also informed that the Special Investigation Team has submitted 4 reports so far to Supreme Court on black money. In its report, the SIT recommended amendments in Foreign Exchange Management Act FEMA to provide seizure and confiscation of property within the country. Mr Sinha said the government has already amended Income Tax Act, 1961, PMLA and FEMA on the basis of recommendation of SIT.