Union Cabinet Approves To Amend Benami Transactions (Prohibition ) Act,1988

13 May, New Delhi

The Union Cabinet has given its approval to amend the Benami Transactions (Prohibition) Act, 1988. The Bill provides for attachment and confiscation of benami properties and also fine with imprisonment.

This is one more initiative taken by the NDA government to fight the menace of black money.

On Monday, the Lok Sabha had passed Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 to penalise the concealment of foreign income and making attempt to evade tax a criminal liability.