With the outset of Benami Property Law on Nov last year government issued notices in 140 cases as of now involving properties value of Rs. 200 crore. The Benami Transaction (Prohibition) Act was introduced in 1988 on the rule book for more than 28 years now. Due to some inbuilt shortcomings the law couldn’t made equipped.
Since the law came in to force many of such transactions have been determined from various corners of the country. Show cause notices for these interim attachments of benami properties have been issued in 140 cases involving properties worth and about Rs. 200 crore. Out of these attachments has already been effected in 124 cases of benami properties attached include bank deposits and other immovable assets.
To provide an of use regulation for prevention of benami transactions, the said Act was amended through Benami Transaction (Prohibition) Amended Act, 2016. This is another remarkable move of government to eliminate corruption, black money, soft shell currencies and terror funding.
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