Parliament passes bill to tackle black money -Governance Now

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.

Comments

Other News

Diamonds are Forever: A Saturday story

Saturday Stories By Rashmi Bansal HarperCollins, 176 pages, Rs 250 From the bestselling author of ‘Stay Hu

Oracle Adds AI Capabilities to Oracle Analytics Cloud

Oracle has showcased new AI-powered capabilities within Oracle Analytics Cloud. Leveraging the Oracle Cloud Infrastructure (OCI) Generative AI service, the new capabilities assist analytics self-service users to more quickly and efficiently conduct sophisticated analysis and make better business decisions

Domestic airlines show 38.27% growth in passenger numbers

The domestic aviation industry has witnessed a remarkable surge in passenger traffic during the first eight months of 2023. According to the latest data analysis, the number of passengers carried by domestic airlines from January to August 2023 reached an impressive 1190.62 lakhs, marking a substantial inc

MPs bid adieu to historic parliament building, step into new building

A function was organised in the Central Hall of Parliament on Tuesday to commemorate the rich legacy of the Parliament of India as the Members came together to bid adieu to the historical building before stepping into the New Building of Parliament. Prime Minister Narendra Modi, Lok Sabha sp

Real action, not words alone, needed to achieve UN agenda 2030: civil society

As politicians and policymakers make speeches at the United Nations during a high-level summit next week to assess the lack of progress on the 2030 Agenda and the Sustainable Development Goals (SDGs), people’s leaders representing some of the world’s most marginalised communities have come toge

Fourth GPFI G20 meeting pledges to work for universal financial inclusion

The fourth G20 Global Partnership for Financial Inclusion (GPFI) meeting held in Mumbai during September 14-16 concluded with members agreeing to work towards the vision of universal financial inclusion under the new G20 Financial Inclusion Action Plan. Over the course of three days, discuss