Comprehensive Analysis Of The Definition Of A Benami Transaction
All you want to know about Benami Property Transactions
How our government is dealing with benami property. Benami Property: A concise analysis After the attack of black money by demonetization of high value currency notes, Prime Minister Narendra Modi is preparing to take action on 'benami' properties to reduce the corruption. He has spoken about Benami Property many times in front of media that government will soon operationalize an effective law on 'benami' property. The government of India has enacted the Benami Transactions Prohibition Amendment Act, which provides for fine and rigorous imprisonment of up to seven years. A fine may extend to 25 per cent of the fair market value of the benami property. The major part of the money has been held in the form of gold or in the form of cash as benami property.
Advocate Divesh Chawla has conducted a comprehensive analysis of the Benami Law. He has explained the impact of the statutory provisions, the process involved, and the consequences in civil and criminal law. He has also provided valuable advice on the precautions to be taken by the concerned persons and third parties to avoid falling foul of the law. The Government commitment to eradicate the black economy is evident with demonetization of high-value currency notes and numerous statutes 1. The deceitful use of Benami Transaction to defeat the provisions of law, sow the seeds for BPTA, that prohibits Benami Transaction, while compelling the actual owner to keep the property in his name.
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