Anup Tiwari
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NEW DELHI: The Cabinet on
Wednesday approved the new
Benami Transaction (Prohibition) Bill
which aims at curbing the
generation of domestic black money.
"The Union Cabinet has approved
the new Benami Transaction
(Prohibition) Bill to curb generation
of black money," said a source after
the Cabinet meeting here.
Apart from confiscation, the Bill
provides for prosecution and aims 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.
Wednesday approved the new
Benami Transaction (Prohibition) Bill
which aims at curbing the
generation of domestic black money.
"The Union Cabinet has approved
the new Benami Transaction
(Prohibition) Bill to curb generation
of black money," said a source after
the Cabinet meeting here.
Apart from confiscation, the Bill
provides for prosecution and aims 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.