Centre will take steps to prohibit transaction of benami realty: Naidu

Naidu acusses Congress for not implementing law to prohibit illegal benami transactions

The Centre will take steps to prohibit transaction of 'benami' properties and unaccounted wealth stored in the form of gold, Union Minister M Venkaiah Naidu said here on Wednesday.

Vowing to carry forward the war against corruption and black money post-demonetisation, he said the government will soon operationalise a strong law to stop transaction of benami properties.

"The government will strictly implement the Benami Transactions (Prohibition) Act, 1988," Naidu said at the party's state council meeting here.

He accused Congress of not implementing the law to prohibit illegal benami transactions during their rule.

Naidu dismissed suggestions that the note ban exercise undertaken by the government to deal with black money was a failure.

On the argument that the money returned to the banks post demonetisation was genuine, the minister said it can be ascertained only after a detailed examination.

The demonetisation exercise will benefit the country in the long run, he claimed.

Naidu also noted that many people have luxury vehicles in the country but only 24 lakh people pay income tax regularly.