Government to introduce amendments to Benami Transactions Bill

NEW DELHI: In a bid to effectively prohibit benami transactions, the Centre today approved a proposal to introduce amendments to the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament.

"The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval for introducing amendments to the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament," a statement said.

According to the statement, 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 its provisions 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," it said.

However, the statement further said that those declaring their benami properties under income declaration scheme will get immunity under the Benami Act.