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

Uday Kotak on history, Indian economy, growth and more

Pathbreakers: How 10 Visionary Leaders Transformed India by award-winning journalists By Sucheta Dalal and Debashis Basu Rupa Publications, 304 pages, Rs 695

₹5,000 crore saved from suspected financial fraud

In a significant gain for citizen protection in the digital economy, the Department of Telecommunications (DoT) has helped prevent suspected cyber fraud losses of more than ₹5,000 crore through its Financial Fraud Risk Indicator (FRI) within fifteen months of its launch on May 22, 2025. This money did

Capital acquisition proposals worth Rs 1.10 lakh crore for defence forces cleared

The Defence Acquisition Council (DAC), under the chairmanship of Raksha Mantri Rajnath Singh, on Monday accorded Acceptance of Necessity (AoN), that is, in-principle administrative approval to various acquisition proposals of the defence forces at an estimated cost of about Rs 1,10,000 crore.

How Rafi, Raj Kapoor helped pave the way for a great uranium deal

There`s a certain moment in diplomacy that`s too personal to be captured in a communiqué, too small to make the front page, but more revealing than the front page. This week, prime minister Narendra Modi reached Tashkent and, amid the pomp of state visits, managed to evoke the old Bollywood tunes

Distinguishing Fish 1 and Fish 2: The pragmatism behind India’s WTO ratification

India became the 123rd WTO member to ratify the multilateral Agreement on Fisheries subsidies (AoFS) when it deposited the Instrument of Acceptance for Phase 1 on July 20, 2026. The ratification is restricted to disciplining Illegal, Unreported and Unregulated fishing (IUU), protection for overfished

The 7% growth problem: Why the next 7% will be harder

India has become accustomed to hearing the 7% growth number. It is now less a milestone than an expectation. Yet the paradox is becoming clearer: maintaining 7% growth may be considerably harder than achieving it once. India’s real GDP grew 7.7% in FY2025–26, following growth of 6.5% in FY202