Lok Sabha passes Benami Transactions Amendment Bill

New Delhi, July (IANS) The Lok Sabha on Wednesday passed the Benami Transactions Amendment Bill, which seeks to amend the definition of ‘benami’ transactions, establish adjudicating authorities and an appellate tribunal.

“The legislation has the provision of confiscating benami assets and it is predominantly an anti-black money measure,” Union Finance Minister Arun Jaitley said while moving the bill.

He said the purpose of the bill is to discourage the activity of acquiring the properties in the name of fictitious and other people.

The bill also specifies prosecution and penalty for entering into benami, proxy transactions.

–IANS

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