what ishappening in the Benami transactions act: the rules not framed for the last 22 years: The story of a Betrayal
Govt revamping Benami Transaction Act to keep check on black money Hush Hush Black money: Indiamoneyback.blogspot.com Shruti Srivastava Posted online: Mon Sep 20 2010, 09:03 hrs New Delhi : Worried over the speedy growth of a parallel economy in the country, with black money amounting to almost one-fourth of India’s GDP, the government is planning to crack down on such illegal transactions, at least those related to property. The finance ministry is revamping the Benami Transaction Act, 1988, to keep a check on such transactions, which are entered into for avoiding taxes and hiding accumulated assets. Though there exists the Benami Transactions (Prohibition) Act, 1988, prohibiting benami transactions and providing for government acquisition of the property held benami, the rules to make confiscation of property and other provisions effective have not been issued due to several lacunae in the Act. Sources told The Indian Express that the Central Board of Direct Taxes ...