Benami Transactions in India: Attachment Ordered in 124 Cases

Click the Photo to Know About Corruption in Delhi Housing Societies. Photo: Rakesh Raman
Click the Photo to Know About Corruption in Delhi Housing Societies. Photo: Rakesh Raman

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.

[ Police to Investigate DPS Housing Society Dwarka Case ]

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.

Support Independent Fearless Journalism

In today's media world controlled by corporates and politicians, it is extremely difficult for independent editorial voices to survive. RMN News Service has been maintaining editorial freedom and offering objective content for the past over 7 years despite enormous pressures.

In order to serve you fearlessly in this cut-throat world, RMN News Service urges you to support us financially with your donations. You can choose the amount that you want to donate from the options given below. 

You also can select any of the Payment Methods:

Offline Donation: To know our bank details for online bank transfer and payment by cheque in Indian rupees.

PayPal: To make payment by Credit / Debit Card or PayPal account.

$
Select Payment Method
Personal Info

Donation Total: $10.00

RMN News

Rakesh Raman