Under the chairmanship of Prime Minister Narendra Modi, the Union Cabinet has approved the constitution of the Adjudicating Authority and the establishment of Appellate Tribunal under the Benami Property Transactions Act (PBPT), 1988. .
I. Under the PBPT Act, the constitution of the crucial authority along with three additional benches and the appellate tribunal will be established.
II. Officials and staff will be provided to the Benches and Appellate Tribunals of the Judicial Authority. This work will be done by utilizing the same level / rank existing positions in the Income Tax Department / Central Board of Direct Taxes (CBDT) elsewhere.
III. The judicial authority and the Appellate Tribunal will be located in the National Capital Territory of Delhi (NCTD).
IV. Bench of the Critical Authority may be located in Kolkata, Mumbai and Chennai. The necessary notification will be issued only after consultation with the Chairman of the proposed Judicial Authority.
- A -used sanction will be decisive authority possible to streamline and better disposal of cases assigned to find and quick disposal of the appeal to the Appellate Tribunal against the order of the final authority with it will be possible.
- The constitution of the judicial authority will help in reviewing the first phase of administrative action to be done under the PBPT Act.
- The establishment of the proposed Appellate Tribunal will make possible arrangements for appealing against the order issued by the decisive authority under the PBPT Act.
Anonymous Transaction (Prohibition) Act, 1988
The purpose of the Anonymous Transaction (Prohibition) Amendment Bill, 2015 is to amend the Anonymous Transaction (Prohibition) Act, 1988. This new amended law got the right to forfeit and prosecute anonymous property. In this way, the main revenue will be blocked, especially in the real estate of Anonymous property as black money.
- The scope for this has been expanded in the bill, in which the properties purchased under suspicious names have also been included and such situations have also been added in which the owner is unaware of his proprietary rights. Those who carry out such deals will also be arrested.
- If the property is in the name of a close family member, child or child, then the benami will not be in the category of property. But if there is a name on the name of a third party, then such property can be forfeited in that situation.
- The amended bill gives the government the right to confiscate the benami properties.
- In it the government has been given statutory and administrative powers, through which it will be able to overcome the practical difficulties in the way of implementation of the benami law.
- Under the Income Announcement Plan, a person can declare his benami property and he will be relieved of the provisions of the Anonymous Act.
- The objective of this Bill is to create a comprehensive inclusive framework, in which a special hearing authority will be constituted for better regulation of benami properties.
- Under the provisions of the Act a proper authority will be constituted. This bill proposes to constitute a four-level regulatory framework, in which an initiative officer, an acceptance authority, an administrator and hearing authority.
- In the event of violation of the rules in the bill, strict punishment has been made. In this case, buying an Anonymous property can be punishable with seven years. Also, due to misinformation given to the agencies, they may have to be banned for five years.
- The amendment also provides for the formation of an Appellate Tribunal, which acts as an independent body for hearing of appeals and can be heard before going to the High Court before the matter.