Hyderabad: The KYC database collected from property owners will be submitted to the soon-to-be set up KYC Registry to be maintained by the Centre at the national level.
All property and banking transactions will be linked to the registry to identify the owners of a particular property.
The KYC database would be referred to the Centre’s department of revenue, Central Board of Direct Taxes and the ministry of finance.
The move assumes significance in the backdrop of largescale complaints against politicians, bureaucrats and businessmen purchasing benami properties by investing black money in the names of their family members, friends, and relatives and in some cases even maids and drivers to avoid cases and payment of taxes.
Soon after coming to power, the NDA government amended the Benami Transaction (Prohibition) Act, under which the maximum imprisonment for benami property holders was increased to seven years along with penalty.
The Act will apply cover all past property deals retrospectively. The real estate sector is famous for flow of black money.
