New Delhi: After enacting a law to bring back black money stashed abroad, the government on Wednesday moved on the domestic front by introducing in the Lok Sabha a bill providing for confiscation of property and jail for benami transactions in a bid to unearth unaccounted wealth.
Hours after the Cabinet cleared the measure, Minister of State for Finance Jayant Sinha introduced the Benami Transactions (Prohibition) Bill as the House was to conclude the Budget session.
The government indicated that it was prepared to send the Bill to a standing committee for scrutiny following demand from the opposition. Later speaking to reporters, Finance Minister Arun Jaitley said benami dealings have to be made illegal.
“Those who keep property in benami in the country, this process has to end. This has to be made illegal,” Jaitley told reporters shortly after the bill was introduced in Lok Sabha.
The Finance Minister further the law to deal with benami transactions was enacted in 1988, but never implemented.
That is why “this new legislation is being brought. This is a positive step,” he said.
