The Benami Transaction (Prohibition) Act, 1988 notified in the blue book before 28 long years. It couldn’t be operational due to certain innate defects. The government has already issued notices in 140 cases involving properties of the valuation of Rs. 200 crore, since the new benami property law came into operation from Nov. 1, 2016. Huge number of benami property transactions has come into limelight after the commencement of this new benami law.
Show cause notices for short-term attachment of benami properties have been issued in 140 cases. Out of these provisional attachment has been effected by far in 124 cases. People found accountable on benami property law, can be imprisoned for seven years or submit penalty of 25% of the fair market value or more on the total valuation of the property. It also empowers the government to confiscate banking deposits of people using different accounts to convert unaccounted wealth.
This is another outstanding initiative of the Indian government to eradicate corruption and black money. Tax invaders are also found investing in benami properties. Thus, any kind of digital payments will also be observed under this benami property act, affirmed the central government. The entire benami property owning process affects country’s GDP and leads to fiscal deficit. Benami property act will be another effective set of laws to check corruption, black money, dupe currency and terror funding after demonetization. Properties seized benami are liable for elimination by the Government without payment of reimbursement.
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