Jagran Josh Logo

Union Cabinet approves amendment in the Benami Transactions Prohibition amendment Bill, 2015

Jul 21, 2016 09:09 IST

The Union Cabinet on 20 July 2016 approved a proposal to introduce amendments to the Benami Transactions (Prohibition) Amendment Bill, 2015 in Parliament.

The amendments aim to strengthen the Bill in terms of legal and administrative procedure so as to overcome the practical difficulties which may arise in the implementation of the provisions of the Bill when it becomes an Act.

The legislation is intended to effectively prohibit benami transactions and consequently prevent circumvention of law through unfair practices.

ALSO READ: Benami Transactions (Prohibition) (Amendment) Bill, 2015 introduced in Lok Sabha

The amendments will empower the Government to confiscate benami property by following due procedure. However, those who declare their benami properties under income declaration scheme will get immunity under the Benami Act.

Now get latest Current Affairs on mobile, Download # 1  Current Affairs App

Is this article important for exams ? Yes

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

Newsletter Signup
Follow us on
This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK