Benami Transactions

Timelines
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.

Black money crackdown - CBI investigation uncovers shell company network

08 May 2017

Black money crackdown - CBI investigation uncovers shell company network

The Central Bureau of Investigation (CBI), in its ongoing three-year long investigation into black money, uncovered evidence of a clandestine web of 339 shell companies used to channel funds up to Rs. 290 crore.

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.

4 lakh companies could be deregistered for not filing returns

18 Apr 2017

4 lakh companies could be deregistered for not filing returns

More than one third of the 11 lakh active Indian shell companies face de-registration prospects as they haven't filed their returns since the last 3 financial years.

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.

Black money: Govt planning to close 6-7 lakh shell companies

28 Feb 2017

Black money: Govt planning to close 6-7 lakh shell companies

The government is planning to close 6-7 lakh shell companies, many of which had deposited large amounts in banks post demonetization.

Government's next target- shell companies, says will freeze accounts

12 Feb 2017

Government's next target- shell companies, says will freeze accounts

The government is determined to weed out shell companies to ensure black money doesn't find a conducive environment to flourish.

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.

FIR filed in Bhajiawala case

28 Dec 2016

FIR filed in Bhajiawala case

Surat IT-Dept registered an FIR with CBI against 'Bhajiawala Family' (BW Family).

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.