Tax sleuths have seized benami assets worth Rs 6,900 crore to date

The tax department started initiating action under this law, implemented by the Modi govt, from Nov 1, 2016.

The Income Tax Department has confiscated assets worth Rs 6,900 crore till now, as part of its action under the anti-benami transactions law, the agency said in a public advertisement on Tuesday.

The message issued in dealing dailies said people who “abet and induce” benami transactions, benamidar (in whose name benami property is standing) and bene­ficiaries (who pay money consideration) are prosecutable and may face rigorous imprisonment up to 7 years besides being liable to pay fine up to 25 per cent of fair market value of benami property.

The message said people who furnish false information to authorities under the law