Cabinet approves new legislation for benami transaction
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Cabinet approves new legislation for benami transaction
 
Cabinet approves new legislation for benami transaction

New Delhi: The government approved a proposal to bring a new legislation for stricter control over benami transactions amid the United Progressive Alliance regime.

The decision was taken at a Cabinet meeting chaired by Prime Minister Manmohan Singh.

"The new Bill contains elaborate provisions dealing with the definition of benami transaction and benami property, prohibited benami transactions, consequences of entering into a prohibited benami transaction and the procedure for implementing the benami law," Information and Broadcasting Minister Ambika Soni told.

However under the proposed new law, anyone violating the rule can be jailed for not less than six months, which may be extended to two years and also be liable to a fine.
Posted On : 22 Jul 11
Cabinet approves new legislation for benami transaction
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