Income Tax dept confiscated Rs 6,900 crore worth assets under Anti-Benami Transactions Law

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On 29th Jan 2019 in a public advertisement, the agency of The Income Tax Department said that “It has confiscated the assets worth Rs 6,900 crore till now as part of its action under the anti-benami transactions law.
Statement said-“The defaulters are prosecutable with fine up to 25 per cent of fair market value of benami property and may face rigorous imprisonment up to 7 years.”
“The people who furnish false information to authorities under the law of Prohibition of Benami Property Transactions Act, 2016 are prosecutable with fine up to 10 percent of fair market value of benami property and may be imprisoned up to 5 years.”
“We urge every conscientious citizen to help the government in eradicating it,” the message added. “
Meaning of Benami Transaction: ‘Benami’ transaction as any transaction in which property is transferred to one person for consideration paid by another person. Such transactions were a feature of the Indian economy, usually relating to the purchase of property (real estate), and were thought to contribute to the Indian black money problem.
Click Here to Read the THE BENAMI TRANSACTIONS (PROHIBITION) AMENDMENT ACT, 2016

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