Govt to set up adjudicating authority for speedy disposal of benami cases

The rules and all the provisions of the new Benami Transactions (Prohibition) Act came into force in November 2016

The Cabinet on Wednesday set the ball rolling for the last institutional set-up for speedy disposal of cases related to benami transactions, as it approved setting up of an adjudicating authority looking into deals in a fictitious name.
 
The appellate tribunal, where the order of the authority could be challenged, was also given a nod. Currently, benami cases are being adjudicated by an authority set up under the Prevention of Money Laundering Act (PMLA). An order by the income-tax department to attach benami properties needs to be passed by the authority within one year, failing which it lapses.