New Delhi, May 13 (KNN) In order to curb generation of domestic black money, the Union Cabinet on Wednesday approved the proposal to amend law to regulate benami transactions. 

“As a sequel to the announcement in the Budget, the Union Cabinet, chaired by the Prime Minister Narendra Modi, has given its approval to amend the Benami Transactions (Prohibition) Act, 1988 by moving of the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament,” Ministry of Finance said today. 
 
The Bill provides for attachment and confiscation of benami properties and also fine with imprisonment. “This is one more initiative to fight the menace of black money inside the country,” said the Ministry.
 
The Bill would provide for prosecution and would aim to act as a major avenue for blocking generation and holding of black money in the form of benami property, especially in real estate.


The government had in Budget 2015-16, presented at the end of February, announced that it would come out with a new and more comprehensive Benami Transactions (Prohibition) Bill.

The Department of Revenue in consultation with the Legislative Department has amended the Benami Transactions (Prohibition) Act, 1988. (KNN Bureau)