27.07.2016- Lok Sabha passed a comprehensive Benami Transactions Prohibition Amendment Bill 2016, with Finance Minister Arun Jaitley assuring that genuine religious trusts will be kept out of the purview of the legislation.
While presenting the Bill Finance Minister Arun Jaitley said that legislation was predominately an anti-black money measure and its purpose is to seize benami property and prosecute those indulging in such activities.Online GST Certification Course by TaxGuru & MSME- Click here to Join
He further said that A lot of people who have unaccounted money buy benami property in the name of fictitious persons … these transactions have to be discouraged.
On concerns expressed by certain members about religious properties or those owned by deities or religious institutions, Mr.Jaitley said the government under this Bill will exempt such bonafide entities.
Full Text of the bill is as follows:-