Rajya Sabha passes Benami Transaction Amendment Bill

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New Delhi, Aug 2 (IANS) The Rajya Sabha on Tuesday passed a bill that has provision for confiscating ‘benami’ (proxy) assets.

The Benami Transactions (Prohibition) Amendment Bill, 2016 was passed by the House after a reply to the brief discussion by Finance Minister Arun Jaitley.

The bill seeks to establish adjudicating authorities and an appellate tribunal to deal with benami transactions as also specify penalty for entering into benami transactions.

It is part of measures planned by the government to tackle the problem of black money.

–IANS

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