Besides bonafide religious trusts, he said there are few exceptions relating to Hindu Undivided Family and trusts owning properties.” Referring to the Income Disclosure Scheme, Mr Jaitley said those having unaccounted money should take advantage of the disclosure window ending September 30 to come clean by paying 45 per cent tax and penalty.
“Four layers of officers and an appeal tribunal has been created since this is a major power,” he said, adding it is being done because there were apprehensions that one officer might end up being corrupt.Talking about the Panama leaks, the minister noted that the government had created a multi agency group, which has named around 500 Indians who have allegedly stashed money in offshore entities, had submitted three reports to the government last month.” The finance ministry said that sufficient safeguards have been put in place to prevent any misuse provisions of the Benami law, which seeks to confiscate such properties.
That investigations have progressed a lot,” he said. The earlier term of “known source of income” has been replaced with “known sources” with regard to purchase of property, he said, adding, “The property outside the country will not be covered under the Benami law but will be dealt with under the black money law.
“There are many people who have illegal accounts, there are some who say they have transfered money on the basis of RBI rules. The Upper House passed the legislation through a voice vote, a week after it was passed in the Lok Sabha.Finance minister Arun Jaitley said: “A law alone will not solve the problem of black money but efforts will have to be made to create fear of law and stop its generation,” adding, “Since it’s the Benami law like the black money law, there has to be a deterrent provision which we have put it in this particular law and I hope people get the clear signal and don’t give the state an opportunity as far as using this law is concerned.The bill, an China wholesale pvc casement window anti-black money measure, aims to seize benami property and prosecute those indulging in such activities.. Mr Jaitley said that fiduciary and trustee holding is allowed under the Benami bill but the investment should be made from the known sources of income.
Minutes before the Benami Transactions (Prohibition) Bill, 2016 was passed in the Rajya Sabha on Tuesday, finance minister Arun Jaitley warned those having undisclosed income, adding that rapid progress has been made in Panama Papers leaks probe. He added that offences under the amended law would be non-cognisable as the government does not want multiple agencies to get involved and harass people. Mr Jaitley said this Bill is aimed at seizing benami property besides prosecuting those indulging in such activities as the provisions for prosecution could not be operationalised in want of rules in the 1988 Act. He said the law also provides for those genuine property purchases which could have been funded by family members or other sources as a loan
