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.


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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.


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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.


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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.


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Thursday, October 13, 2016

Real Estate (Regulation and Development) Act, 2016



Sources: Dinakaran ePaper

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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.

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