Cabinet approves amendment in the Benami Transactions (Prohibition) amendment Bill, 2015
No: --- Dated: Jul, 20 2016
Cabinet approves amendment in the Benami Transactions (Prohibition) amendment Bill, 2015
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introducing 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 also intended to effectively prohibit benami transactions and consequently prevent circumvention of law through unfair practices. It empowers the Government to confiscate benami property by following due procedure. It therefore promotes equity across all citizens. However, those who declare their benami properties under income declaration scheme will get immunity under the Benami Act.
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 also intended to effectively prohibit benami transactions and consequently prevent circumvention of law through unfair practices. It empowers the Government to confiscate benami property by following due procedure. It therefore promotes equity across all citizens. However, those who declare their benami properties under income declaration scheme will get immunity under the Benami Act.
Courtesy – Press Information Bureau, Government of India