The Lok Sabha has passed the Benami Transactions (Prohibition) Amendment Bill, 2015 on Wednesday. The Bill seeks to amend the definition of benami transactions, establishes adjudicating authorities and an Appellate Tribunal to deal with benami transactions. It also specifies prosecution and penalty for entering into benami transactions. Earlier in the day, Union Finance Minister Arun Jaitley initiated debate on Benami
Transactions (Prohibition) Amendment Bill for passage in Lok Sabha. The Bill 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.
He said, the purpose of the bill is to discourage the activity of acquiring the properties in the name of fictitious and other people.
Replying to a debate on Benami Transactions Prohibition Amendment Bill, Finance Minister Arun Jaitley said that the confiscated property will to go to Central government and not to the state in which the transaction has taken place as the law is enacted by the union.
Replying to an another query on the bill, the minister said that property acquired by a person beyond its income will not be considered Benami if the person will be able to prove that it has bought from know sources.
Jaitley added the bill is predominantly an anti- black money measure.
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