New Delhi, July 20 (IANS) The Union Cabinet on Wednesday gave its approval for introducing amendments to the Benami Transactions (Prohibition) Amendment Bill, 2015.
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 the provisions of the Bill when it becomes an Act, according to an officials.
“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,” officials said.
However, those who declare their benami properties under income declaration scheme will get immunity under the Benami Act.
The benami (without a name) property refers to property purchased by a person in the name of some other person.
The person on whose name the property has been purchased is called the benamdar and the property so purchased is called the benami property. The person who finances the deal is the real owner.