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Benami Act Comes Into Play In India: IT Issues 87 Notices & Attaches Assets That Worth Crores

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Benami Act

Benami Act Comes Into Play In India: IT Issues 87 Notices & Attaches Assets That Worth Crores

As an initiation to stringent action against the black money in India, holders, post notes ban. On Monday, the Income Tax (IT) department said that under the newly enforced Benami Transactions Act which attracts a rigorous jail term of a maximum seven years and a hefty penalty, it had issued of about 87 notices and attached the bank deposits which worth crores in 42 cases nationwide.

Post the demonetization order imposed by the central government on November 8 last year, and the IT department had carried out public advertisements and had warned the people of the country against depositing their unaccounted banned notes in someone else’s bank account.

On saying that such an act would attract the criminal charges under the Benami Property Transactions Act, 1988, and applied to both the movable and immovable property, which has been enforced from November 1, 2016, throughout the country.Benami Act

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The IT department issued 87 notices under section 24 of the Benami Property Transactions Act (that was the notice and attachment of property involved in benami transaction) after in-depth investigations.

The officials citing an analysis report and also accessed by PTI said that a total of 42 properties, which were largely monies worth crores in the bank accounts and immovable property, of benamidars, have been attached.

The IT department was the nodal department to enforce the same Act in the country.

They said the taxman has issued numerous summons under the Benami Transactions Act and was in the process of releasing more.

They said that the decision to slap the stringent provisions of the Benami Transactions Act was taken after analyzing severe cases where the illegalities were blatant and suspect cash was deposited in either in Jan Dhan or dormant accounts or the benami accounts.

The taxman had initiated a nationwide operation to identify doubtful bank accounts where massive cash deposits have been made post-November 8 when the government demonetized the Rs 500 and Rs 1000 currency notes.

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