| n an attempt to restrain the generation of black money in domestic market, the Lok Sabha has approved the Benami transactions Prohibition (Amendment) Bill. |
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| Key takeaways from Bemani amendment bill are as follows: |
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| 1) It empowers the Government to confiscate Benami properties held in the name of another person or under a fictitious name to avoid taxation and conceal wealth. |
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2) The person found guilty of Benami transaction may have to face rigorous imprisonment for a period not less than one year and which may be extended to seven years. In addition to imprisonment, there would be a penalty of 25 percent which will be calculated on the basis of fair market value of the property.
3) Now following transactions would also be treated as Benami transaction:
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a) Purchase of property by any person in the name of his wife or unmarried daughter
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b) The securities held by depository –
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As a registered owner under the Depository act, or
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As participant as an agent of a depository.
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