Govt to soon bring bill to curb benami transactions

May 11, 2015 19:59

A new Benami bill, aimed at curbing generation of domestic black money, will soon be brought before the Cabinet, government told the Lok Sabha

today.

"As regards the Benami Bill, the redrafted Act is at a very advanced stage... A more modern Benami bill has been drafted. It will reach the Cabinet any day," Finance Minister Arun Jaitley said.

Apart from confiscation, the Bill would provide for prosecution and would aim to act as a major avenue for blocking generation and holding of black money in the form of benami property, especially in real estate.

Jaitley said the inclusion of the parallel economy of black money into the main economy, would help government to lower tax rates.

"The need to curb domestic black money is extremely important. We need to bring slowly more and more of our economy into declared economy. This has ability to bring up tax collection, GDP, enables to help the government to bring down the taxation.

« Back to LIVE

TOP STORIES

Canada arrests 3 Indians in Nijjar's killing, says more people involved

Three people have been arrested and charged in the killing of Sikh activist Nijjar, CTV News quoted a senior government source as saying.

Extend all possible support to Revanna's victims: Rahul writes to K'taka CM

In a veiled attack on Modi, Rahul said he has never come across a senior public representative who has constantly chosen silence in the face of untold violence against women.

'Mumbai Indians a very confused team; Hardik looks flattened'

India vice-captain Hardik Pandya looks drained, flattened, under pressure and Mumbai Indians appear like a confused unit under him, reckon former cricketers Aaron Finch and Greame Smith.

INDIA bloc PM will be...: Shashi Tharoor

'The PM who is first among equals, who has to listen to others, take their point of view into account and who would have to be a good manager'

No funding from Cong, Puri LS candidate returns ticket

'I tried a public donation drive to support my campaign for progressive politics without much success so far. I also tried to cut down the projected campaign spending to the minimum'