News

Check out market updates

Benami transactions bill passed in lok sabha

Benami transactions bill passed in lok sabha

Benami transactions bill passed in lok sabha

On Wednesday The Lok Sabha passed  “Benami Transactions (Prohibition) Amendment Bill”  2015, that seeks to check generation of black money.

The bill provides for confiscation of benami properties—assets held in the name of another person or under a fictitious name to avoid taxation and conceal ill-gotten wealth.

finance minister Shri Arun Jaitley said, “This is anti-black money measure. A lot of people who have unaccounted money buy immovable property in the name of a fictitious person or a benami person. These transactions have to be discouraged.”

Government has taken steps to protect property owned by religious and charitable institutions, adding that it has powers to exempt property owned by such institutions but it cannot give them a blanket exemption lest they are misused.