The fight against black money began the day PM Modi took over as the Prime Minister of India and announced that he will make sure the corrupts will be punished. Since then the central government has taken many steps in order to curb corruption which has resulted in confiscating the properties of many tax offenders.
The Modi government and the Indian banks were even successful in confiscating the money of loan defaulter Vijay Mallya which made him agree to pay the loan amount back to the banks.
Now, the Income Tax has reported that they have been successful in attaching 1500 benami properties worth Rs 43 Billion in the past 18 months. The properties have been attached in wake of the ‘benami legislation’ that was passed during the same time. According to a Business Standard report, Jaipur and Mumbai top the list, with attachments of 200 properties each. Patna has seen the least number of attachments at 30, followed by Lucknow at 50, while in Kolkata, Chandigarh, and Hyderabad, 144, 110, and 100 properties got attached, respectively. DNA report.
The report also suggested that the department was able to seize properties worth 780 benami asset many months back but were still under the process of validating it. The benami property Transaction Act, enacted in 1988 was revised by the Modi government in 2016, after which Modi announced the demonetization of Rs 500 and Rs 1000 notes in his black money fight.
Once the people associated with the benami properties are held, Section 7 of the benami property act will be applied which attracts a rigorous imprisonment of up to seven years and fine up to 25 per cent of the fair market value of the property. So, the Modi government has made it tough for the black money holders to escape law which is benefiting the country big way.
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