Wednesday, March 15, 2017

Benami Act violators to face double whammy of legal action

Those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to 7
years and such violators would also stand to be charged under the normal I-T Act. Benami Property Transactions Act, 1988, has came into effect from November 1, 2016. Show cause notices for attachment have been issued in 140 cases where benami assets worth Rs 200 crore are involved. The attached assets, include deposits in bank accounts, agricultural and other land, flats and jewellery shares issued to entry operators, among others.

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