Govt will take steps to prohibit transaction of benami properties: Venkaiah Naidu
The government will strictly implement the Benami Transactions (Prohibition) Act, says Union minister Venkaiah Naidu
Kottayam: The Centre will take steps to prohibit transaction of ‘benami’ properties and unaccounted wealth stored in the form of gold, Union minister M.Venkaiah Naidu said here on Wednesday.
Vowing to carry forward the war against corruption and black money post-demonetisation, he said the government will soon operationalise a strong law to stop transaction of benami properties.
ALSO READ: Benami transactions bill gets RS nod, a step away from being law
“The government will strictly implement the Benami Transactions (Prohibition) Act, 1988," Naidu said at the party’s state council meeting here.
He accused Congress of not implementing the law to prohibit illegal benami transactions during their rule. Naidu dismissed suggestions that the note ban exercise undertaken by the government to deal with black money was a failure. On the argument that the money returned to the banks post demonetisation was genuine, the minister said it can be ascertained only after a detailed examination. The demonetisation exercise will benefit the country in the long run, he claimed.
ALSO READ: Benami Act provisions to come into force from 1 November
Naidu also noted that many people have luxury vehicles in the country but only 24 lakh people pay income tax regularly.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!