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

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

Jul 21, 2016 09:09 IST
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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.

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