Strict law sought to curb <i>benami</i> deals

Accusing the government of not being sincere in operationalising the earlier law on benami transactions, a Parliamentary committee has asked it to expeditiously enact a new law making punishment more stringent for offenders. In its report on the Benami Transactions (Prohibition) Bill, 2011, the committee has suggested there should be specific definition of relevant terms such as ‘transaction’, ‘arrangement’, ‘trustee’ in the new Act. Benami transaction refers to sale or purchase of a property in a fictitious name. In view of the economic gravity of such transactions, the Committee’s report was tabled in the Lok Sabha on Monday.