Cabinet allows amendment proposal to check illegal transactions
The Dollar Business Bureau In a move to curb illegal transactions and generation of black money domestically, the Union Cabinet on Wednesday gave its approval to amend the law to regulate benami transactions in India. The Cabinet, chaired by Prime Minister Narendra Modi, has given its approval to amend the Benami Transactions (Prohibition) Act, 1988, by moving the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament, said an official release. The Bill has provisions for attachment and confiscation of benami properties and also fine with imprisonment for offenders, the release said. The move came after the Undisclosed Foreign Income and Assets (UFI&A) (Imposition of Tax) Bill, 2015, meant to track the black money stashed overseas, was passed by the lower ...
