The Lok Sabha on Wednesday passed the Benami Transactions (Prohibition) Amendment Bill 2015, which aims to effectively prohibit benami transactions and consequently prevent circumvention of law through unfair practices.
The amendments aim to strengthen the Bill in terms of legal and administrative procedure so as to overcome the practical difficulties which may arise in the implementation of its provisions when it becomes an Act.
Union Finance Minister Arun Jaitley tabled the Bill in the Upper House today.
The Bill empowers the government to confiscate benami property by following due procedure. It, therefore, promotes equity across all citizens.
However, those who declare their benami properties under the Income Declaration scheme will get immunity under the Benami Act.
Meanwhile, the Lok Sabha has been adjourned till 11 am tomorrow.
