As per the sources available with www.propertykhazana.com, Loksabha has initiated a comprehensive Bill over Benami Transactions, comprising requirements for exclusion for such land and incarceration. Benami Transactions (Prohibition) Bill 2011, was presented at the house by the Finance Minister Pranab Mukherjee and this will put back the presence Benami Transactions (Prohibition) Act, 1988. As per to the Statement of matter, Bill had bought the forbid of holding land in Benami and confine the right to get well for such land. It is also looking to give a mechanism and process for taking away the land detained by Benami without any reimbursement. Planned law will forbid the Benami transactions by any individual apart from contract which has entered into the name of wife/husband, brother, sister or by any of the ancestor.
Bill also has detailed necessities to deal with the classification of Benami Transactions and Benami Land, forbid Benami transactions, cost of ingoing into a forbid Benami transactions and the process for applying the Benami law. Under the planned law, whoever disobeys the rule will be put into prison for 6 months which might be extended up to 2 years and also will be liable for a heavy penalty. Bill has let the Central Government in the talk with Chief Justice to select one or more Courts of Session as Unique Court or Unique Courts for the idea of law. A Benami transaction is one of the infamous sources of movement and investment of black money.
Source: NIMMA BENGALURU
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