The Benami Transactions (Prohibition) (Amendment) Bill, 2015 was on 13 May 2015 introduced in Lok Sabha after Union Cabinet gave its approval to amend the Benami Transactions (Prohibition) Act, 1988.
The Bill seeks to amend the Benami Transactions (Prohibition) Act, 1988 by adding additional provisions that provides for stringent measures against violators in order to curb and check the generation of black money in the country.
It adds provisions for attachment and confiscation of benami properties and imposes fine with imprisonment. It has provision for prosecution and aims to act as a major avenue for blocking benami property, which leads to generation and holding of black money especially in real estate.
Background
The Benami Transactions (Prohibition) Act was earlier enacted in 1988, but the rules under that Act could not be formulated due to inherent infirmities in it. Following this, in 2011 the government introduced a Benami Transactions (Prohibition) Bill in Parliament.
The Bill was referred to the Standing Committee on Finance for examination, which submitted its report in June 2012. However, the Bill lapsed with the dissolution of 15th Lok Sabha.
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