Parliament passes bill to tackle black money

Proxy assets will include movable, immovable, tangible, intangible, any right or interest, or legal documents.

GN Bureau | August 3, 2016


#Black money   #parliament   #proxy assets  

 Benami Transactions (Prohibition) Amendment Bill, 2015, the legislation for tackling the problem of black money in the country has been passed by the Rajya Sabha on Tuesday.

 The bill provides for confiscating ‘benami’ or proxy properties – assets in the name of another person or under a fictitious name t in order to avoid taxation and hide illicit wealth – and stop black money.
 
 The bill was passed by the Lok Sabha on July 27.
 
 "This bill is meant to stop black money... The lawmakers should have a clear perspective on black money. It is true there is black money both in India and abroad. To stop black money there should be fear of law, and at the same time there should be an eye of where the black money is generated and where it is spent," said finance minister Arun Jaitley in his reply to the debate on the bill.
 
 The assets will include any kind — movable, immovable, tangible, intangible, any right or interest, or legal documents.
 Jaitley also sought to remind people that the government's scheme for income disclosure is on, and September 30 is the deadline.
 

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