Union Cabinet gives nod to Benami Transactions (Prohibition) (Amendment) Bill, 2015
Union Cabinet has given its approval to Benami Transactions (Prohibition) (Amendment) Bill, 2015.
The Bill seeks to amend the Benami Transactions (Prohibition) Act, 1988 by adding additional provisions that provides for stringent measures against violators in order to curb and check the generation of black money in the country.
It also adds provisions for attachment and confiscation of benami properties and imposes fine with imprisonment.
The Bill also has provision for prosecution and aims to act as a major avenue for blocking benami property, which leads to generation and holding of black money especially in real estate.
Earlier in 2011, then ruling UPA-II government had introduced Benami Transactions (Prohibition) Bill, 2011, which had proposed replacing the 1988 parent Act. But, the bill was not able to pass in Parliament and had lapsed with the dissolution of 15th Lok Sabha.
Month: Current Affairs - May, 2015