Benami Transactions Bill passed: Things you must know about it
The Benami Transactions (Prohibition) Amendment Bill has been passed by Lok Sabha. It seeks to amend the Benami Transactions Act, 1988. The Act prohibits benami transactions and provides for confiscating benami properties.
Union Finance Minister Arun Jaitley tabled the Bill in the Upper House on Wednesday.
The Bill empowers the government to confiscate benami property by following due procedure. It, therefore, promotes equity across all citizens.
A bit of relief will be given to those who declare their Benami propert under the income declaration scheme. No action will be initiated against such people.
What is a benami property transactions?
(i) the transaction is made in a fictitious name, (ii) the owner is not aware of denies knowledge of the ownership of the property, or (iii) the person providing the consideration for the property is not traceable.
Under the Act, an Authority to acquire benami properties was to be established by the Rules. The Bill seeks to establish four authorities to conduct inquiries or investigations regarding benami transactions: (i) Initiating Officer, (ii) Approving Authority, (iii) Administrator and (iv) Adjudicating Authority.
Quick Reads :
Quick Reads :
- Lok Sabha on Wednesday passed Benami Transactions (Prohibition) Amendment Bill
- The Bill empowers the government to confiscate benami property by following due procedure
- Union Finance Minister Arun Jaitley tabled the Bill in upper house on Wednesday
- Properties declared under income declaration scheme would be exempted from the Bill.