Benami Act

Timelines
I-T department attached benami-properties worth Rs. 4,300cr since new laws

26 Jun 2018

I-T department attached benami-properties worth Rs. 4,300cr since new laws

Since enacting stringent laws on benami properties in November'16, the Income Tax (I-T) department has attached more than 1,500 such assets collectively worth Rs. 4,300cr.

Journalist Upendra Rai arrested for extorting Rs. 15cr from builder

06 May 2018

Journalist Upendra Rai arrested for extorting Rs. 15cr from builder

CBI has registered a fresh case against arrested journalist Upendra Rai and his associate Rahul Sharma for allegedly extorting Rs. 15cr from a Mumbai-based builder by portraying himself as an income tax "power broker", officials said.

I-T working on more, better rewards for tax evasion informers

06 Apr 2018

I-T working on more, better rewards for tax evasion informers

The I-T Department is working on new rules to encourage people to provide information on tax evasion and benami transactions.

You could get Rs. 1cr for revealing benami properties

23 Sep 2017

You could get Rs. 1cr for revealing benami properties

Starting October-November, you could get a reward of up to Rs. 1cr for informing authorities about benami properties.

Will the Benami properties case be Lalu Prasad's undoing?

30 Aug 2017

Will the Benami properties case be Lalu Prasad's undoing?

Yesterday, Lalu Prasad Yadav's family members were grilled by the Income Tax department in the benami properties and disproportionate assets case.

I-T Dept unearths 400 Benami deals, attaches properties

25 May 2017

I-T Dept unearths 400 Benami deals, attaches properties

The Income Tax Department stated that it had unearthed 400 benami deals and has attached Rs. 600 crore worth of properties in regards to the deals.

Benami properties to be turned into offices, residences

08 May 2017

Benami properties to be turned into offices, residences

The government has stated that soon, benami properties in the country may be converted in to office spaces or residences. It is said to be a part of PM Modi's crackdown on corruption and black-money.

7 years of rigorous imprisonment for Benami Act violators

03 Mar 2017

7 years of rigorous imprisonment for Benami Act violators

The Income Tax department stated that individuals found violating the Benami Transactions Act would invite 7 years of rigorous imprisonment.

No cash withdrawal limits from March 13: RBI

08 Feb 2017

No cash withdrawal limits from March 13: RBI

The RBI announced that all cash withdrawal limits on bank accounts would be lifted from March 13. Cash withdrawal limits for savings accounts has been raised to Rs.50,000 until 20 February.

25% ATMs running dry in India

08 Feb 2017

25% ATMs running dry in India

Bank officials said that due to large scale withdrawals at the start of the month, over 25% of the ATMs in the country are without cash.

7 years jail for buying property under family members' name

31 Jan 2017

7 years jail for buying property under family members' name

According to the Benami Transactions Amendment Act 2016, individuals are prohibited from buying property in the name of family members, unless they are joint-holders of the property. Only property bought for spouse or children are exempt from this clause.

Limits on ATM cash withdrawals to cease 1st February onwards

30 Jan 2017

Limits on ATM cash withdrawals to cease 1st February onwards

According to a statement issued by the RBI, cash withdrawal limits placed on withdrawals from Current accounts/Cash credit accounts/Overdraft accounts stand withdrawn with immediate effect.

Old note exchange possible again?

26 Jan 2017

Old note exchange possible again?

Government sources stated that citizens will be given another opportunity to exchange the demonetized 500 and 1000 notes. However, this time the exchange will be only for limited amounts of cash.

IT Dept expands list of transactions under scanner

20 Jan 2017

IT Dept expands list of transactions under scanner

The IT Department has expanded the list of financial transactions under scrutiny, now including deposits up to Rs.2.5 lakh made during the demonetization period.

Benami Act to impact real estate prices

27 Dec 2016

Benami Act to impact real estate prices

In light of PM Modi's vow to go after "Benami Properties", experts said if the new law was implemented effectively, it would bring transparency to real estate sector.