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Benami definition to go stricter

News

  • As part of efforts to prevent black money being tucked away into convenient domestic hidey holes, the government could sharply prune the list of relatives in whose names property can be acquired to spouses and unmarried daughters.
  • This government has demonstrated that it is serious about the crackdown on black money.
  • The government could also enhance the jail term from two years as proposed in the previous benami Bill, which lapsed with the dissolution of previous Lok Sabha.

New Rule

  • The new law is likely to say that property acquired in the name of any other person —brother, sister, father, mother, son —risks being confiscated and would lead to jail time.
  • Any owner failing to provide a proven source of earning that would allow him or her to own an asset could risk it being termed benami.

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