The act defines a benami transaction as any transaction in which property is transferred to. The union cabinet has approved new amendments to the benami transactions prohibition amendment bill, 2015. Last month, the lok sabha passed a comprehensive benami transactions prohibition amendment bill, 2015, with the intent of bringing unaccounted money into the system, as well as seizing benami property and prosecuting those indulging in such activities. Internet desk july 21, benami transactions prohibition act. The ppt gives details about benami transaction prohibition. Any property which is subject matter of benami transaction. The benami transactions prohibition amendment bill, 2015 a bill further to amend the benami transactions prohibition act, 1988. Benami transaction prohibition bill 2011 pdf benami transactions prohibition bill, purpose. The bill seeks to amend the benami transactions act, 1988.
Benami transactions prohibition bill 2011 on 18th august 2011. All you need to know about benami transactions bill. Benami transaction sectionany 2 a means transaction in which property 2 c is transferred to one person for a consideration paid or provided by another person. An amendment to amend benami transaction prohibition act is in offing, which will have large impact on the benami law. The bill seeks to amend the benami transactions prohibition act, 1988 to i amend the definition of benami transactions, ii establish adjudicating authorities and. Group 8 benami transactions act ppt free download as powerpoint presentation. As a result, the person in whose name the property is purchased is just a mask of the real beneficiary 2 what is a benami. Benami transactions bill,2015 daily current affairs. Daniel has conducted a systematic study of the prohibition of benami property transactions act, 1988 as amended in 2016.
These provisions do not apply to any transaction entered into by an individual in the name of his spouse, brother or sister, or any lineal ascendant or descendant may not be considered benami. Benami transactions prohibition amendment act is an important topic for the upsc civil services exam. Guide to the prohibition of benami property transactions. The benami transactions prohibition amendment bill, 2015 introduced in lok sabha on may, 2015, was referred to the committee on 15 may, 2015 for examination and report thereon, by the speaker, lok sabha under rule 331e of the rules of procedure and conduct of.
The benami transactions prohibition amendment bill, 2015 the standing committee on finance chair. The bill provides for confiscation of benami properties and assets held in the name of another person or under a fictitious name to. The act prohibits benami transactions and provides for confiscating benami properties. In this bill, the word is used to define a transaction in which the real beneficiary is not the one in whose name a property has been purchased. The benami transactions prohibition amendment bill, 2015 was on may 2015 introduced in lok sabha after union cabinet gave its approval to amend the benami transactions prohibition act, 1988. By clearing the 2015 amendment bill, the implementation of the provisions to control benami transaction is hoped to be achieved efficiently. The amendments aim to strengthen the bill in terms of legal and administrative procedure so as to overcome the practical difficulties which may arise in the implementation of the provisions of the bill when it becomes an act the legislation empowers the government to confiscate benami. In real estate, the financial transactions and black money is very rampant. The benami transactions prohibition amendment bill. Benami transactionsprohibition amendment bill, 2015. Legislative history of the prohibition of benami transactions act, 1988 1. The real estate bill which regulates the market and with this benami transactions prohibition bill, the government can control the layering that happens, where lot of black money is converted to white. Law of the land the benami transactions prohibition. To prohibit holding property benami and restrict the right to recover or transfer such property.
The benami transaction bill was amended in the year 2015 and it was primarily done for the purpose of tracing the illegal transactions and in turn, confiscating them. Benami transactions prohibition amendment bill, 2015. Mr veerappa moily submitted its report on the benami transactions prohibition amendment bill, 2015 on april 28, 2016. Union cabinet has given its approval to benami transactions prohibition amendment bill, 2015. Arbitration and conciliation act, 1996, banking cash transaction tax, black money undisclosed foreign income and assets and imposition of tax act, 2015. Trending the bill was introduced in lok sabha on may, 2015. Cabinet approves amendment in the benami transactions prohibition amendment bill, 2015. The benami transaction prohibition amendment bill, 2015 was introduced before the parliament by the nda government in july 2016. Benami transactions prohibition amendment bill, 2015 1 what is benami. Any property held in benami will be seized by the government. The benami transactions prohibition amendment bill, 2015 prevents all persons from entering into benami transactions. The bill seeks to amend the benami transactions prohibition act, 1988 to.
The bill seeks to amend the benami transactions prohibition act, 1988 referred hereto as the principal act by introducing following amendments in the said act inserts a new chapter i before section 1 of the principal act, which states that now the principal act shall be called. The comprehensive amendment bill seeks to amend and strengthen benami transaction prohibition act, 1988 in. The benami transactions prohibition amendment bill, 2015 was introduced in lok sabha on may, 2015. The benami transactions prohibition act, 2016 national. Benami transaction prohibition act and its impact on law. All about benami transaction prohibition amendment act,2016 by lavina bhargava download pdf the author, lavina bhargava is 3rd year student of nmims, kirit p. Everything you need to know about benami act and how it can affect you. The benami transactions prohibition amendment bill, 2015 28 october 2015 by michelle solomon le page. A new benami transactions prohibition bill to replace the. Benami transaction is a transaction where the property includes land, gold, intangible or tangible, any legal document is purchased in the name of person who has not paid for it. After getting passed in both the houses of the parliament, the bill got converted into an act on 11 th august 2016 and was enforced on 1 st november 2016. The benami transactions prohibition amendment bill, 2015 was introduced in lok sabha on may, 2015 by the minister of finance mr. The benami transactions prohibition amendment act, 2016, designed to curb black money and passed by parliament in august 2016, came into effect.
This bill has been now passed in both the houses of parliament and has become an act benami transactions prohibition amendment. Benami transactions is commonly accepted in india is that where a person buys property. Benami transactions prohibition act, 1988 is an act of the parliament of india that prohibits certain types of financial transactions. On th may, 2015 the benami transactions prohibition amendment bill, 2015 hereinafter referred as the amendment bill, 2015 was introduced in lok sabha in order to amend and incorporate certain very important provisions of the act, i. Be it enacted by parliament in the sixtysixth year of the republic of india as follows. The benami transaction prohibition amendment bill, 2015 was introduced in the lok sabha on th may 2015 to amend the benami transactions prohibition act, 1988. Benami transactions prohibition amendment act, 2016. The new law amended the benami transactions act, 1988 and renamed as the prohibition of benami property transactions pbpt act, 1988. The current government had introduced benami transactions prohibition amendment bill, 2015 in july 2016 in parliament. It seeks to amend the benami transactions act, 1988, which prohibits. Know all about benami property act pdf, people who doesnt pay their taxes and who always try to evade their taxes in some way or the other are the ones responsible for accumulating black money in the economy. The act consisted of only nine sections out of which sections 3. It is covered under the polity section of the ias exam.
All about benami properties and recent legal developments. Benami transactions prohibition act, 1988 is an act of the parliament of india that prohibits. The aim of the paper is to understand position of law regarding section 41 and 53 of transfer of property act, 1882, what is the difference in these sections and benami transaction as envisaged by benami transaction prohibition act, 1988 and also deeply analyze provisions of benami transaction prohibition bill, 2015. The bill was mainly the updated version of the benami transactions bill that was passed in the lower house of the parliament in the year 1998. The benami transactions prohibition amendment bill, 2015 which was introduced in lok. The lok sabha has passed comprehensive benami transactions prohibition amendment bill, 2015 to curb domestic black money. Lok sabha passes benami transactions prohibition amendment bill 2015 the amendments will strengthen the bill in terms of legal and administrative procedures, and to effectively prohibit benami. Apart from referring to all the important statury provisions and judicial pronouncements on the subject, the author has answered faqs which throw light on the precise legal consequences of the enactment. Cabinet approves amendment in the benami transactions pib. Lok sabha passed the benami transactions prohibition amendment bill, 2015, that seeks to check generation of black money on july 27. We use your linkedin profile and activity data to personalize ads and to show you more relevant ads. The benami transactions prohibition amendment act, 2016.
Benami transactions prohibition act, 2017 v of 2017, the federal government is pleased to make the following rules, namely. Prohibition of benami transactions prohibition of benami transactions. The bill seeks to amend the benami transactions prohibition act, 1988 by adding additional provisions that provides for stringent measures against violators in order to curb and check the generation of black money in the country. Benami transactions prohibition act, 1988 wikipedia. The act prohibits benami transactions and provides for. In a bid to effectively prohibit benami transactions, the centre on wednesday approved a proposal to introduce amendments to the benami transactions prohibition amendment bill, 2015 in. Benami transaction prohibition act, 1988 the benami transaction prohibition act, 1988 hereinafter referred as the act was enacted in order to prohibit all benami transactions and recovery of property which has been held as benami. Sabha on may, 2015 is aimed at curbing the circulation of. Whoever enters into any benami transaction on and after the date of commencement of the benami transactions prohibition amendment act, 2016, shall, be punishable in accordance with the provisions contained in chapter vii section 5. Know all about benami property act pdf pradhan mantri yojana.
Prohibition of benami property transactions act, 1988 income tax. Any property, which is subject matter of benami transaction, shall be liable to be confiscated by the federal. The paper thus seeks to analyse the meaning of benami transactions and what colour it has taken over these years. Implications of benami transactions prohibition amendment bill. Topic of the day benami transactions prohibition amendment act 2016. Prohibition of benami transactions 1 no person shall enter into any benami transaction. Note on benami transactions prohibition act, 2016 general this note provides brief understanding of the proposed benami act text of the act is enclosed which has been approved on august 16, 2016 by the national assemblys standing committee on finance and has now been forwarded to the national assembly for its consideration. The benami transactions prohibition amendment bill, 2015. All about benami transaction prohibition amendment act. The topic is important from the view point of both general studies paper ii and iii. Lok sabha passes benami transactions prohibition amendment bill, 2015 the bill provides for rrigorous imprisonment of one year up to seven years, and a. Benamitransactions prohibition bill in rajyasabhaon 31 st august 1988 presidents assent on 5th september 1988 benamitransactions prohibition bill 2011 on 18 th august 2011 benamitransactions prohibition bill 2015 on th may 2015 president assent on 10 th august 2016 5 ca sagar tilak sagar.
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