The Government of India has put in place empowered institutions for efficient implementation of the Benami Transactions (Prohibition) Amendment Act, 2016.
Santosh Kumar Gangwar, Minister of State in the Ministry of Finance, informed the Rajya Sabha on Tuesday that since the coming into effect of the amended law from 1 November, 2016, several benami transactions have been identified.
The Minister also said that show-cause notices for provisional attachment of benami properties have been issued in 140 cases involving properties of the value of about Rs. 200 crore.
Out of these, he said, provisional attachment has already been effected in 124 cases. The benami properties attached include deposits in bank accounts and immovable properties.
In exercise of powers conferred under sub-section (2) of section 28 read with section 59 of the amended Prohibition of Benami Property Transactions Act, 1988, vide Notification No. SO 3290E, dated 25.10.2016 the Central Government has notified specified Income-tax authorities to act as Initiating Officer, Approving Authority and Administrator in respect of benami transactions.
Further, vide Notification No. SO 3288E, dated 25.10.2016, the Adjudicating Authority has been notified.
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