With the hope of introducing ‘Benami Transactions (Prohibition) Amendment Bill, 2015’ in the ongoing monsoon session, the Union Cabinet has approved it on July 20.
With ‘Benami Bill’, the government is hoping to curb black money in India and provide a law that allows confiscation of assets that is held under fictitious names.
File Photo of Cabinet Meeting. PIB
Many people across India buy assets under a fictitious name so as to avoid being taxed and to conceal illegally obtained wealth.
The cabinet also enacted the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, so as to target black money that are held in overseas accounts.
Representational Image. Rediff
Getting black money back was one of the a major electoral promise that NDA made before coming to power in May 2014.
The ‘Benami Bill’, meanwhile aims to curb domestic black money and the cabinet now hopes to get it passed this monsoon session itself.
The Benami Bill was tabled back in May 2015 and then referred to Parliament’s standing committee on finance that same year.