Parliament has passed the Benami Transactions (Prohibition) Amendment Bill with Rajya Sabha approving it unanimously. The Bill seeks to amend the definition of benami transactions, establishes adjudicating authorities and also an Appellate Tribunal to deal with cases of benami transactions. It also specifies prosecution and penalty for entering into benami transactions. The Lok Sabha had passed it last week.<br/><br/>Replying to the debate on the Bill, Finance Minister Arun Jaitley said the government has taken various measures to curb the black money and the proposed legislation is one of them.<br/><br/>He said the black money is a reality and the fear of law is necessary to tackle its menace. Responding to the issues raised by the Members, the Finance Minister said the benami property which is outside the country, would not be covered under this law because it would be deemed as black money. Mr Jaitley said any property confiscated under the central law should be vested with the Central government and the same criteria has been adopted while drafting this Bill.<br/> <br/>Earlier, initiating the discussion, Shamsher Singh Dullo of the Congress said the new law would end black money. Bhupender Singh of BJP said, Benami Transactions (Prohibition) Amendment Bill will help tax evasion. Naresh Agarwal of Samajwadi Party wanted to know which law will deal with black money stashed abroad.

Parliament has passed the Benami Transactions (Prohibition) Amendment Bill with Rajya Sabha approving it unanimously. The Bill seeks to amend the definition of benami transactions, establishes adjudicating authorities and also an Appellate Tribunal to deal with cases of benami transactions. It also specifies prosecution and penalty for entering into benami transactions. The Lok Sabha had passed it last week.