Team Herald
PANJIM: The Benami Transactions (Prohibition) Act, 1988 which was amended through the Benami Transactions (Prohibition) Amended Act, 2016 has identified more than 245 benami transactions across the country since the amended act came in force on November 1, 2016, Union Minister of State for Finance told the Rajya Sabha.
The question was raised by Goa Rajya Sabha MP Shantaram Naik. The minister in a reply said that show cause notices for provisional attachment of benami properties have been issued in 140 cases involving properties of the value of about Rs 200 crore.
Out of these 140 cases, provisional attachment has already been effected in 124 cases. The benami properties attached include deposits in bank accounts and immovable properties, the minister said.
“The amended provisions provide for attachment and confiscation of benami properties. Further, if a person is found guilty of offence of benami transaction by the competent court, he shall be punishable with rigorous imprisonment for a term not less than one year but which may extend to 7 years and shall also be liable to fine which may extend to 25 percent of the fair market value of the property. There is also provision for rigorous imprisonment for a term which shall not be less than six months but which may extend to five years and fine for giving false information under the amended Act,” the Minister said.
He said that Benami Transactions (Prohibition) Act, 1988 has been on the statute book for more than 28 years and the same could not be made operational because of certain inherent defects. He said that there was no provision of filing of chargesheets under the Benami Transactions (Prohibition) Act, 1988.
