The Lok Sabha has passed the Benami Transactions (Prohibition) Amendment Bill, 2015. <br/><br/>The Bill seeks to amend the definition of benami transactions, establishes adjudicating authorities and an Appellate Tribunal to deal with benami transactions. <br/><br/>It also specifies prosecution and penalty for entering into benami transactions. <br/><br/>Earlier, moving the Bill, Finance Minister Arun Jaitley said it will amend the Benami Transactions Prohibition Act- 1988 and properties which were acquired in the form of benami transactions will fall under it ambit. <br/><br/>He said, the purpose of the bill is to discourage the activity of acquiring the properties in the name of fictitious and other people. <br/><br/>The Minister said the legislation has the provision of confiscating such benami assets. <br/><br/>Mr. Jaitley added the bill is predominantly an anti- black money measure.