Government to bring Bill to curb benami transactions soon

Aims at curbing generation of domestic black money

A new benami Bill, aimed at curbing generation of domestic black money, will soon be brought before the Cabinet, the government told the Lok Sabha on Monday.

"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.