Benami transactions amendment bill introduced in Lok Sabha

The benami transaction amendment bill, which provides for attachment and confiscation of benami properties and also a fine with imprisonment, was introduced in the Lok Sabha on Wednesday.

The Benami Transactions (Prohibition) Amendment Bill, 2015 was introduced in the house by Finance Minister Arun Jaitley and is part of initiatives of the government to fight black money.

The bills seeks to amend Benami Transactions (Prohibition) Act, 1988. It was later referred to standing committee.

Jaitley, in his budget speech, outlined a number of steps the government intended to take to curb the menace of black money generated in the country -- both in terms of what is retained within the country and what is stashed away abroad.

"As regards curbing the domestic black money, a new and more comprehensive benami transactions prohibition bill will be introduced in the current session of the parliament," the finance minister said.

The Lok Sabha on Wednesday also referred the The Compensatory Afforestation Fund Bill, 2015, the National Waterways Bill, 2015 and the Micro, Small and Medium Enterprises Development (Amendment) Bill, 2015, to the respective standing committees.