Bill To Check Benami Deals Gets Cabinet Clearance

As a sequel to the announcement in the Budget, the Union Cabinet gave its approval to amend the Benami Transactions (Prohibition) Act, 1988 by moving the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament.

The Bill provides for attachment and confiscation of benami properties and also fine with imprisonment. The Department of Revenue in consultation with the Legislative Department has amended the Benami Transactions (Prohibition) Act, 1988.

The Benami Bill seeks to attack the black money menace in the domestic economy, especially in the real estate sector. The government has moved another Bill on black money stashed abroad which has been approved by Parliament.The proposed amendments to the Benami Act will enable prosecution of offenders.

By: Vishal