Friday, December 23, 2016

MV Act to be amended: No car if no parking space

Parking rider for new car

Our Special Correspondent

New Delhi, Dec. 22: The government is considering making it mandatory for car buyers to provide a certificate saying they have parking space before they are allowed to register their new cars.

This means that if a buyer does not have space to park his car, he will not be allowed to register it.

Several Indian states have already enforced such a rule, inspired by Tokyo. The certificate is usually issued by the police station nearest to the buyer's home, and the transport department conducts a physical verification.

If the government wants to extend the rule across India, it will have to be incorporated into the Motor Vehicles (Amendment) Bill, 2016, introduced in the Lok Sabha in August but not yet passed.

"In future, no car or vehicle will be registered without an adequate-parking-space-available certificate," urban development minister Venkaiah Naidu said at a news conference today.

He said the objective was to decongest the roads and that his ministry was talking to the surface transport ministry of Nitin Gadkari on the subject.

Last year, Himachal Pradesh High Court had directed the state government not to allow any new vehicle to be registered for use in Shimla without a certificate about the availability of parking space. The certificate was to be acquired from the Shimla collector.

Sikkim had adopted this rule in 2010. This month, the regional transport office in Mathura enforced it in the districts of Agra, Mathura and Firozabad. The whole of Uttar Pradesh is expected to follow suit next year.

"I am also sensitising the states. We are moving in that direction," Naidu said today.

In Delhi, the lack of parking space has led to bloody brawls on the streets. According to the 2012-13 Economic Survey of Delhi, the city has 7.4 million cars -- more than Mumbai, Chennai and Calcutta put together - and 1,200 more are added to the fleet every day.

But Delhi is yet to link car registration to the availability of parking space.

Naidu also spoke on Swachh Bharat, saying no construction would be allowed in the country without toilets.

He today launched the Google Toilet Locator, a mobile app that will help users locate public toilets in the National Capital Region as well as in Indore and Bhopal in Madhya Pradesh.

Currently, the app offers the locations of over 6,200 toilets, including many in shopping malls, hospitals, bus and train stations, petrol pumps and Metro stations. Of these, 5,100 are in the National Capital Region, Naidu said.


Also read the related stories

No car if no parking space - Centre plans to introduce new norms

By Zee Media Bureau | First Published: Friday, December 23, 2016 - 10:27

No car if no parking space - Centre plans to introduce new norms

New Delhi: In a move aimed at freeing public space and reducing pollution, the Centre is mulling to bring a new rule which will restrict people from buying and registering new cars if they can't furnish proof of having adequate parking space for their vehicles.

The road transport department has welcomed such a move, according to a Times of India report.

"I am very keen on this. I am talking to the surface transport minister and also sensitising the states. We would be moving in that direction," Union Urban Development Minister M Venkaiah Naidu was quoted as saying on Thursday.

'If such a proposal comes from the Urban Development Ministry, it would be considered, a road transport ministry official said. 

"Space crunch for parking and congestion in cities are big concerns. We're serious about de-congestion of roads," he added.

Though transport experts have welcomed the intention, but they are sceptical about its effective implementation. 

Citing reasons for this, they claim that the registration of vehicles is done by state transport departments, but the parking issue is dealt with by the municipal bodies.

Moreover, barring people to buy new vehicles should ideally be preceded with making efficient public transport available, they add.

Experts also want the government to take other steps such as hiking parking charges, levying charges for using private vehicles in congested areas and increasing interest rate for car loans to discourage people from buying vehicles.

Several reports on de-congesting cities and towns have in past suggested similar measure of linking availability of parking space to registration of private vehicles.


Also read the related links

1. Salient Features of the Motor Vehicles (Amendment) Bill, 2016: http://www.prsindia.org

2. The Motor Vehicles (Amendment) Bill, 2016:  http://www.prsindia.org

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பார்க்கிங் செய்ய இடம் இல்லைன்னா கார் பதிவு கிடையாது.. மத்திய அரசின் அடுத்த அதிரடி 

By: Veera Kumar 

Published: Friday, December 23, 2016, 11:16 [IST]

டெல்லி: பார்க்கிங்கிற்கு இடம் இல்லாதவர்களுக்கு கார் பதிவு கிடையாது என்ற புது விதிமுறையை மத்திய அரசு கொண்டுவர உள்ளது. 

ஈ.எம்.ஐ மூலமான கார் விற்பனை, இந்தியர்களின் சராசரி வருமான உயர்வு போன்றவற்றால் கார் விற்பனை அதிகரித்துள்ளது. குறிப்பாக நகரங்களில் கார் வைத்திருப்பது கவுரவம் சார்ந்த விஷயமாகிவிட்டது. 

இதனால் சென்னை, கோவை, பெங்களூர் என எந்த ஒரு நகராக இருந்தாலும் கார் இல்லாத மத்தியத்தர, உயர்தட்டு வீடுகளை பார்க்க முடியாத சூழல். 

சாலைகளில் நெருக்கடி 

அதேநேரம், காருக்கான பார்க்கிங் வசதியை பெரும்பாலானோர் செய்வதில்லை. வீட்டுக்கு வெளியே சாலையை அடைத்தபடி, தெருவை ஆக்கிரமித்தபடி காரை நிறுத்துவது வழக்கமாக உள்ளது. இதனால் அந்த வழியாக போகும் பிற வாகனங்கள் செல்ல முடியாமல் தடுமாறுவது வாடிக்கையாகிவிட்டது. 

புது விதிமுறை 

இந்த நெருக்கடியை முடிவுக்கு கொண்டுவர மத்திய அரசு திட்டம் வைத்துள்ளது. இனிமேல் கார் வாங்குவோர் பார்க்கிங் இடம் உள்ளதற்கான ஆவணத்தை காண்பிக்காவிட்டால் அந்த காரை ரிஜிஸ்டர் செய்ய முடியாதபடி விதிமுறையை மாற்ற உள்ளதாம் மத்திய அரசு. 

வெங்கையா நாயுடு 

நகர்ப்புற வளர்ச்சி அமைச்சர் வெங்கையா நாயுடு பேட்டியொன்றில் இதை உறுதி செய்துள்ளார். பார்க்கிங்கிற்கு இடம் உள்ளது என்பதற்கான ஆதாரத்தை காட்டாவிட்டால் காரை பதிவு செய்ய முடியாது. எனவே ஒவ்வொருவரும் முதலில் பார்க்கிங்கிற்கு இடத்தை பார்த்துவிட்டுதான் கார் வாங்க கிளம்ப முடியும். 

பொதுப் போக்குவரத்து 

நகர்ப்புறங்களில் சாலை நெருக்கடியை குறைக்க வாடகை கார்களை ஷேர் செய்யும், பூலிங் சிஸ்டம் ஊக்குவிக்கப்படும் என்றும் நாயுடு தெரிவித்துள்ளார். பொதுப் போக்குவரத்தை வசதியானதாக மாற்றுவதன் மூலம் கார்கள் எண்ணிக்கையை அதிகரிக்கவிடாமல் கட்டுப்படுத்துவது நோக்கமாகும்.

English summary: Want to buy a car? Find parking first or else your new vehicle may not be registered. The centre is planning to introduce a much needed rule which would make it mandatory to produce proof that you have parking space. The centre says that if proof of parking space is not produced then the vehicle will not be registered. 


Thursday, December 22, 2016

Cabinet approves ordinance to pay salaries via cheques

Cabinet approves ordinance to pay salaries via cheques

Somesh Jha 

NEW DELHI  DECEMBER 21, 2016 12:51 IST

The move will enable companies to ensure timely payment of wages to workers at a time when there is cash crunch due to demonetisation of Rs. 1,000 and old Rs. 500.

The Centre approved the promulgation of an ordinance on Wednesday to enable industries to pay wages by cheque or by direct credit into bank accounts of workers earning up to Rs. 18,000 a month, without taking their explicit consent as required under the present 1936 law.

Union Minister of State for Labour and Employment Bandaru Dattatreya said wage payment through the banking system would only be optional, until State governments or the Centre come up with a notification for specific industries.

“The current provisions of payment of wages through cash will remain. We are only giving employers another option,” Mr. Dattatreya said after the Cabinet meeting.

The move assumes significance in the context of the government’s efforts to promote cashless transactions after its decision to scrap the old Rs. 500 and Rs. 1,000 currency notes.

Mr. Dattatreya had introduced the Payment of Wages (Amendment) Bill, 2016 in the Lok Sabha on December 15, but it couldn’t be cleared owing to the impasse in Parliament. The present law states that all payment of wages should be in cash, with a provision asking employers to obtain written permission of the worker to pay either by cheque, or by crediting the wages to his or her bank account.

Mr. Dattatreya had introduced the Payment of Wages (Amendment) Bill, 2016 in the Lok Sabha on December 15, but it couldn’t be cleared owing to the impasse in Parliament. The present law states that all payment of wages should be in cash, with a provision asking employers to obtain written permission of the worker to pay either by cheque, or by crediting the wages to his or her bank account.

The ordinance, which will need the President’s assent to become law, proposes changes to Section 6 of the Payment of Wages Act of 1936. The Centre or State governments may specify the industry through official notifications where the payment of wages shall be through cheques or direct credit in bank accounts.

Heera Lal Samaria, Additional Secretary in the Labour and Employment Ministry, said authorisation of the employee would not be required after the law came into effect.

Unwarranted: CITU

“The haste in ensuring payment of salaries through banks through an ordinance is unwarranted, particularly when the entire banking service is in disorder...,” said Tapan Sen, general secretary, Centre of Indian Trade Unions. It sought to take away the worker’s right to take wages in their preferred mode, he said.


Also view the the Payment of Wages (Amendment) Act, 2016 at: http://www.prsindia.org

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மின்னணு முறை சம்பளம்: வருகிறது அவசர சட்டம்

பதிவு செய்த நாள்: டிசம்பர் 21, 2016, 23:17 IST

புதுடில்லி: 'டிஜிட்டல்' பரிவர்த்தனையை ஊக்கு விக்கும் வகையில், தொழில் மற்றும் வர்த்தக நிறுவன ஊழியர்களுக்கான சம்பளத்தை, 'செக்' அல்லது வங்கிக் கணக்கில் செலுத்த வேண்டு மென, அரசு உத்தரவிட்டுள்ளது. 

இதற்காக, ஊதியச் சட்டத்தில், திருத்தம் செய்யும் அவசர சட்டத்தை கொண்டு வருவதற்கு, மத்திய அமைச்சரவை ஒப்புதல் அளித்துள்ளது.

வர்த்தக மற்றும் தொழில் துறை ஊழியர்களுக் கான சம்பளத்தை, செக் அல்லது வங்கிக் கணக் கில் செலுத்துவதை நடைமுறைபடுத்தும்

வகையில், ஊதியச் சட்டத்தில் திருத்தம் செய்யப்படுகி றது.இதற்கான மசோதா, சமீபத்தில் பார்லிமென் டில் தாக்கல் செய்யப்பட்டது; அமளி காரணமாக, அது விவாதத்துக்கு எடுத்துக் கொள்ளப்படவில்லை. 

இந்நிலையில், இதை உடனடியாக நடைமுறைக்கு கொண்டு வரும் வகையில், அவசர சட்டம் கொண்டு வர, மத்திய அரசு திட்டமிட்டுள்ளது.

அவசர சட்டத்தை நிறைவேற்ற, பிரதமர் நரேந்திர மோடி தலைமையில்,நடந்த மத்திய அமைச்சரவை கூட்டம் ஒப்புதல் அளித்துள்ளது. 'அதேநேரத்தில், ரொக்கமாகவும் சம்பளத்தை அளிக்கும் நடைமுறை யும் தொடரும்; அதில் எந்த மாற்றமும் செய்யப்பட வில்லை' என, தெரிவிக்கப் பட்டுள்ளது.

மற்றமுக்கிய முடிவுகள்

மத்திய அமைச்சரவை கூட்டத்தில் எடுக்கப்பட் டுள்ள மற்ற முக்கிய முடிவுகள்:

* குறிப்பிட்ட தொழில்களில் மாற்றங்கள் செய்யும் வகையில், ஆலோசனைகள் வழங்குவதற்காக, குறு, சிறு மற்றும் நடுத்தர தொழில் துறையில், புதிதாக இந்திய தொழில்முனைவோர் மேம் பாட்டு சேவை என்ற புதிய அமைப்பை உருவாக்க, ஒப்பதல் அளிக்கப்பட்டது

* பாகிஸ்தான், சீனாவுக்கு எதிரான போரின் போது, நம் நாட்டில் இருந்து இடம் பெயர்ந்தவர் களின் சொத்துக்களை விற்க, பரிமாற்றம் செய்ய தடை விதிக்கும் வகையிலான, எதிரி சொத்து அவசர சட்டத்தை, ஐந்தாவது முறையாக அமல்படுத்த ஒப்புதல் அளிக்கப்பட்டது.


Saturday, October 29, 2016

Prohibition of Benami Property Transactions Act, 1988

New ‘benami’ Act to take effect from Nov. 1

NEW DELHI, October 29, 2016

SPECIAL CORRESPONDENT

The Benami Transactions (Prohibition) Amendment Act will come into force on November 1, 2016, the Central Board of Direct Taxes said on Friday

Following this, the existing Benami Transactions (Prohibition) Act will be renamed as the Prohibition of Benami Property Transactions Act (PBPT Act)

“The PBPT Act defines benami transactions, prohibits them and further provides that violation of the PBPT Act is punishable with imprisonment and fine,” the official notification said. “The PBPT Act prohibits recovery of the property held benami from benamidar by the real owner. Properties held benami are liable for confiscation by the Government without payment of compensation.”

Jail term

According to the new law, people caught with 'benami' properties could serve up to seven years of rigorous imprisonment and have to pay a significant fine. Additionally, the properties will be confiscated. Under the Act, a transaction is named ‘benami’ if property is held by one person, but has been provided or paid for by another person.

A person could also face rigorous imprisonment for up to five years for knowingly giving false information and will have to pay a fine of up to 10 per cent of the market value of the property.

The PBPT Act provides for the creation of an appellate mechanism called the Adjudicating Authority and Appellate Tribunal.

“A Joint/Additional Commissioner of Income-tax, an Assistant/Deputy Commissioner of Income-tax and a Tax Recovery Officer… have been notified to perform the functions and exercise the powers of the Approving Authority, Initiating Officer and Administrator, respectively under the PBPT Act,” the statement added.


Also read the related stories

Benami Act provisions to come into force from 1 November

Last Modified: Sat, Oct 29 2016. 01 00 AM IST

Benami Transactions (Prohibition) Amendment Act, 2016 gives the government powers to confiscate benami properties

The bill will replace the older Benami Transactions (Prohibition) Act, 1988

New Delhi: The income-tax department on Friday notified the provisions of the Benami Act with effect from 1 November, reinforcing the fight against tax evasion.

The Benami Transactions (Prohibition) Amendment Act, 2016 seeks to give the government powers to confiscate benami properties—assets held in the name of another person or under a fictitious name to avoid taxation and conceal unaccounted-for wealth.

The bill, which had amended the older Benami Transactions (Prohibition) Act, 1988, got Parliament’s approval in August this year.

The amended Act seeks to remove lacunae in the old legislation and has provisions that make violation of the Act punishable with imprisonment of up to seven years and a fine of up to 25% of the fair value of the asset. It also states that properties held benami are liable for confiscation by the government without payment of compensation.

The term “property” will cover movable, immovable, tangible and intangible properties.

This Act, along with the stringent Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, to penalize those with unaccounted wealth abroad, will help the government in its fight against black money both within and outside the country.

Safeguard mechanisms such as the adjudicating authority and the appellate mechanism for appeals have also been notified in the rules.


Also view the related link

Benami Transactions (Prohibition) Amendment Act, 2016 (Act No. 43 of 2016) popularly called as "Prohibition of Benami Property Transactions Act, 1988"


TN to implement National Food Security Act from November 1



Sources: Dinamalar ePaper

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Tamil Nadu to implement National Food Security Act from November 1

"On the directions of Chief Minister J Jayalalithaa, NFSA has been ordered to be implemented in Tamil Nadu keeping in mind public welfare," a govt release said

Thu, 27 Oct 2016-11:50 PM, PTI

However, Tamil Nadu government said that it will retain the exisiting Universal Pyblic Distribution System under which rice is being supplied to all rice cardholders "without any discrimination".

Three years after its enactment, Tamil Nadu government on Thursday decided to implement the National Food Security Act from November 1, but said will "retain and continue" the existing Universal Public Distribution System, wherein rice is being supplied to all rice cardholders "without any discrimination".

The move comes after the Centre conveyed to Tamil Nadu that monthly food grain allocation to Above Poverty Line (APL) beneficiaries would be at Minimum Support Price derived rate, as the "state has so far not implemented NFSA," a Cooperation, Food and Consumer Protection Department order said. The order dated October 27 said the present MSP derived rate for rice was Rs 22.54 per kg even as the state had so far been getting 15.15 lakh tonnes annually from the Centre at Rs 8.30 per kg.

While its monthly off take of rice under PDS, including Antyodaya Anna Yojana was about 3.23 lakh tonnes, the Centre's monthly allotment to the state was 2.96 lakh tonnes, it said. The additional requirement was being met through central allocation of 27,969 tonnes per month at Below Poverty Line Rate of Rs 5.65 per kg by Centre up to June. But there has been no additional allocation since July, it said.

The annual expenditure on this pattern is Rs 2393.30 crore for supply of 38.93 lakh tonnes of rice, it said, adding due to the Centre revising the rate in APL category, the state will have to incur an additional Rs 2730.95 crore annually over and above the aforesaid expenditure if NFSA was not implemented.

"Taking the above circumstances carefully into consideration, the government of Tamil Nadu has decided to implement the National Food Safety Act, 2013 in Tamil Nadu from November 1, 2016," it said.

"With a view to protect the Universal PDS which the state has been adopting at present, in which rice is supplied to all rice cardholders without any discrimination, it has been decided to retain and continue the Universal PDS in Tamil Nadu while implementing NFSA," it said.

Accordingly, all rice cardholders will be eligible for 5 kg rice per person (including a child) per month under NFSA while ensuring that the quantity given under the new system is not less than the present entitlement under Universal PDS, it said, adding, "there shall be no upper ceiling of 20 kg per card per month."

For instance, if there was only one adult family member, entitlement will continue to be 12 kg per month,though monthly entitlement as per NFSA norms was only 5 kg (at subsidised rates), it said, adding, rice will be supplied free of cost to all rice card holders. Due to these steps, the state's monthly rice offtake was expected to go up and the government "shall have to bear the additional cost" of about Rs 1193.30 crore per annum, it said.

A government release said the decisions were taken at a recent cabinet meeting, keeping the public welfare in mind.

"On the directions of Chief Minister J Jayalalithaa, NFSA has been ordered to be implemented in Tamil Nadu keeping in mind public welfare. Even if this results in additional expenditure, it will be implemented in a way benefiting all rice cardholders," it said. The GO, meanwhile, said supply of foodgrains for priority and non-priority households under Universal PDS would be uniform.

Further, the government has decided to constitute a State Food Commission to monitor and review implementation of the Act, it said, adding, orders for appointing its chairperson and members would be issued separately. The revised scale of supply would be implemented in the state from November, except poll-bound Aravakurichi, Thanjavur and Thirupparakundram Assembly seats.

The G.O. recalled that rice has been provided free of cost under Universal PDS since June 2011 under the "directions of Chief Minister" Jayalalithaa, who had implemented a then poll-time promise in this regard. The present supply came with a monthly ceiling of 20 kg per card, and 35 kg for AAY families, it added. The NFSA, which aimed at providing food and nutritional security to targeted priority households, had determined a rural coverage of 62.55 per cent and urban coverage of 37.79 per cent in the state, it said.


Also read the related stories

TN to implement Food Security Act

SPECIAL CORRESPONDENT

CHENNAI, October 28, 2016


There will be no change in the government’s policy of universal public distribution system

Shedding its three-year-long reservations over the National Food Security Act (NFSA), the Tamil Nadu government on Thursday announced that it would implement the Act, effective November 1.

There will be no change in the government’s policy of universal public distribution system.

Also, the scheme of free distribution of rice to about 1.92 crore rice-drawing family (ration) cards will continue.

A government order to this effect was issued by Chief Secretary P. Rama Mohana Rao, after getting the consent of the Election Commission.

Thanks to the government’s latest move to implement the NFSA, there will be no ceiling on the entitlement of rice as the law mandates that each person be given 5 kg a month.

At present, the maximum rice entitlement per card is 20 kg a month. Besides, each child is being given 2 kg a month and each adult, 4 kg a month.

But after the introduction of the Act, all beneficiaries, irrespective of age, are entitled to 5 kg every month. The government has also decided to keep the minimum rice entitlement at 12 kg a month even if a card has only one beneficiary, though the entitlement per person under the NFSA is only 5 kg. If there are five persons in a family, the monthly entitlement will be 25 kg.


Also read the related links






Thursday, October 13, 2016

Real Estate (Regulation and Development) Act, 2016



Sources: Dinakaran ePaper

Also read the related stories

Real Estate (Regulation and Development) Act, 2016 (Act No. 16 of 2016)

An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment of building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto.

Sources: 







Friday, September 23, 2016

TN: Registration of Power of Attorney compulsory

Registration of Power of Attorney compulsory from tomorrow

By Express News Service 

Published: 30th November 2012 10:18 AM 

CHENNAI: With a view to preventing land grabbing and bogus registrations, the State government has made it mandatory to register documents of Power of Attorney, Sale Agreements and Agreements relating to Title Deeds and Construction Agreements provided under Article 5(i) of the Indian Stamp Act, 1899, from December 1. 

With this amendment in the Registration Act of 1908 coming into force, a registered document will take precedence over an unregistered document, before the law. 

So far, registration of these documents has been optional. To prevent the misuse of these documents, the State Assembly had adopted a Bill amending certain provisions of the Registration Act, 1908 on May 16 and now, the President of India has given his assent to the Bill.

The amended Act is coming into force from December 1. An official release here said the documents of Power of Attorney executed outside the country are exempted from compulsory registration. 

While the present arrangement of registering Sale Agreement and Agreement relating to Deposit of Title Deeds with the jurisdictional Sub Registrar will continue, documents of Power of Attorney have to be registered either with the jurisdictional Sub-Registrar, where the property is situated, or where the principal resides.

According to the amended Act, “no document of Power of Attorney relating to immovable property shall be registered, unless passport size photographs and fingerprints of the principal, the agent, and of the identifying witnesses are affixed to the document and the agent has also signed such document.”

The Act also says “every Sub Registrar on registering an instrument of Power of Attorney including instrument of revocation or cancellation of such Power of Attorney relating to immovable property not situate in his own sub-district, shall make a copy and send the same together with a copy of the map or plan (if any) mentioned in Section 21, to every other Sub Registrar in whose sub-district the whole or any part of such property is situate and such Sub Registrar shall file the same in his Book No.1.”


Also read the related Govt. Gazette Notification at: http://www.stationeryprinting.tn.gov.in

 


Monday, September 12, 2016

Amendments to Benami Transactions (Prohibition) Act, 1988

All you need to know about benami transactions Bill

INTERNET DESK

July 21, 2016

The Act prohibits benami transactions and provides for confiscating benami properties

The Benami Transactions (Prohibition) Amendment Bill, 2015 was introduced in Lok Sabha on May 13, 2015. The Bill seeks to amend the Benami Transactions Act, 1988. The Act prohibits benami transactions and provides for confiscating benami properties.

The Bill seeks to: (i) amend the definition of benami transactions, (ii) establish adjudicating authorities and an Appellate Tribunal to deal with benami transactions, and (iii) specify the penalty for entering into benami transactions.

1. The Act defines a benami transaction as a transaction where a property is held by or transferred to a person, but has been provided for or paid by another person. The Bill amends this definition to add other transactions which qualify as benami, such as property transactions where: (i) the transaction is made in a fictitious name, (ii) the owner is not aware of denies knowledge of the ownership of the property, or (iii) the person providing the consideration for the property is not traceable.

2. The Bill also specifies certain cases will be exempt from the definition of a benami transaction. These include cases when a property is held by: (i) a member of a Hindu undivided family, and is being held for his or another family member’s benefit, and has been provided for or paid off from sources of income of that family; (ii) a person in a fiduciary capacity; (iii) a person in the name of his spouse or child, and the property has been paid for from the person’s income; and the Bill defines benamidar as the person in whose name the benami property is held or transferred, and a beneficial owner as the person for whose benefit the property is being held by the benamidar.

3. Under the Act, an Authority to acquire benami properties was to be established by the Rules. The Bill seeks to establish four authorities to conduct inquiries or investigations regarding benami transactions: (i) Initiating Officer, (ii) Approving Authority, (iii) Administrator and (iv) Adjudicating Authority.

4. If an Initiating Officer believes that a person is a benamidar, he may issue a notice to that person. The Initiating Officer may hold the property for 90 days from the date of issue of the notice, subject to permission from the Approving Authority. At the end of the notice period, the Initiating Officer may pass an order to continue the holding of the property.

5. If an order is passed to continue holding the property, the Initiating Officer will refer the case to the Adjudicating Authority. The Adjudicating Authority will examine all documents and evidence relating to the matter and then pass an order on whether or not to hold the property as benami.

6. Based on an order to confiscate the benami property, the Administrator will receive and manage the property in a manner and subject to conditions as prescribed.

7. The Bill also seeks to establish an Appellate Tribunal to hear appeals against any orders passed by the Adjudicating Authority. Appeals against orders of the Appellate Tribunal will lie to the high court.

8. Under the Act, the penalty for entering into benami transactions is imprisonment up to three years, or a fine, or both. The Bill seeks to change this penalty to rigorous imprisonment of one year up to seven years, and a fine which may extend to 25% of the fair market value of the benami property.

9. The Bill also specifies the penalty for providing false information to be rigorous imprisonment of six months up to five years, and a fine which may extend to 10% of the fair market value of the benami property.

10. Certain sessions courts would be designated as Special Courts for trying any offences which are punishable under the Bill.



Also read the related stories

Benami Transaction Bill 2015 at Glance

Sanyam Jain |  General/ News |  May 16, 2015 |

In an attempt to restrain the generation of black money in domestic market, the Government has introduced a bill to target Benami Transactions in real estate sector. The Parliament has already cleared the much awaited Black Money Bill to nab those stashing black money abroad. The Benami Transaction Bill aims to nab those enters in benami transaction to evade tax or to avoid payment to creditors, in domestic market.

The Benami Transaction (Prohibition) Act was first conceded in 1988 but had several loopholes and finally withdrawn. Later on, UPA 2 government introduced the bill in parliament but could not be become the act due to dissolution of the 15th Loksabha.

Finally, the NDA Government has introduced the Amended Benami Transaction Bill which got cleared by Loksabha and now headed towards Rajyasabha for approval.

Key Points of Benami Transaction Bill 2015

1. What does word Benami means?

Benami word is originated from Persia which means “No Name” or “Without Name”. In this benami transaction bill, the word benami is used to point out the transaction in which the owner of the property is not the actual/real beneficiary of the property.

2. What is Benami Transaction?

Benami Transaction means the transaction in which the person who pays for the property does not hold/own the property and the person who hold/own the property is not the one who pays for it.

In simple words the amount is paid by one person and the property is held by another person for direct or indirect benefit to the payer.

3. What will not be considered as Benami Transactions?

Following transactions are not considered as Benami Transactions and are excluded from the scope of the Benami Transaction (Prohibition) Bill, 2015:

1. Property held in the name of the children or spouse through know income sources;
2. Property jointly held with brother, sister or lineal ascendant or descendant for which the amount is paid out of known sources of income;
3. HUF buying property in the name of the Karta;
4. Property held by someone in fiduciary capacity such as a trustee, executor, partner or director of a company.

4. What is the nature of transactions which will be considered as a benami transaction?

Benami Transactions includes:

1. Transactions which are carried out in bogus names; or
2. Where the person who owns the property denies knowledge of the ownership; or
3. Where the person who paid consideration for the property i.e. real beneficiary is not traceable or fictitious.

Further, Benami Transactions shall include assets (movable or immovable, tangible or intangible), any right or interest, legal documents, even gold or financial securities could qualify to be Benami.

5. Will Benami Property be confiscated?

The property involved in benami transaction could be confiscated as soon as the order of initiation of proceedings against the benami transaction is authorized by the competent authority.

6. What is the proposed fine or punishment under the Benami Transaction Bill?

The person found guilty may have to face rigorous imprisonment for a period not less than one year and which may be extended to maximum of seven years.

In addition to imprisonment, there would be a penalty of 25 percent which will be calculated on the fair market value of the property.

Further, any person who is asked to furnish any information under this act, if intentionally provides false information shall face rigorous imprisonment of not less than six months which may extend up to five years along with the fine of 10 percent of the market value of the property.

7. How will the market value be ascertained?

Market value of the concerned property would be taken as the value that property would fetch on sale in open markets or in any other case, help of the registered valuer will be taken.

Sources: http://www.simpleinterest.in

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