PM welcomes passing of Black Money Bill in the Parliament
"Passing of Black Money Bill is a historic milestone. Personally, I am very delighted. It indicates the priority we attach to the issue," the Prime Minister said.
As a sequel to the announcement in the Budget, the Union Cabinet, chaired by Modi, has given its approval to amend the Benami Transactions (Prohibition) Act, 1988 by moving of the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament.
"The Bill provides for attachment and confiscation of benami properties and also fine with imprisonment. This is one more initiative to fight the menace of black money inside the country," read a government statement.
The Department of Revenue in consultation with the Legislative Department has amended the Benami Transactions (Prohibition) Act, 1988.
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