Benami Transactions Act, 2016 to curb black money comes into effect

Following Benami Transactions Act, 2016 Committing to deal strongly with black money, Finance Minister Arun Jaitley today warned those having undisclosed income against missing the chance to make the declaration by September 30 even as he said rapid progress has been made with regard to probe in Panama paper leaks.

Jaitley was replying to a debate on Benami Transactions (Prohibition) Amendment Bill, 2016 in the Rajya Sabha, which later passed the legislation by voice vote. The Lok Sabha passed it last week.  A law alone will not solve the problem of black money but efforts will have to be made to create fear of law and stop its generation, he said.

Since it’s the Benami Transactions Act like the black money law, there has to be a deterrent provision which we have put it in this partciular law and I hope people get the clear signal and don’t give the state an opportunity as far as using this law is concerned.

Referring to the Income Disclosure Scheme, Jaitley said those having unaccounted money should take advantage of the disclosure window ending September 30 to come clean by paying 45 per cent tax and penalty.

Talking about the Panama leaks, the minister noted that the government had created a multi agency group. The multi-agency group probing the Panama papers leaks, which has named around 500 Indians who have allegedly stashed money in offshore entities, had submitted three reports to the government last month.

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