The lok Sabha on Wednesday passed the amendments to the Benami Transactions Bill, envisaging stringent provisions on confiscation and wider definitions on the benami purchases. Debating on the Bill, Finance Minister Arun Jaitley assured that genuine religious trusts will be kept out of the purview of the legislation.
Moving the Benami Transactions (Prohibition) Amendment Bill 2015 for the consideration and passage, the Minister said the legislation was predominately an anti-black money measure and its purpose is to seize benami property and prosecute those indulging in such activities.
“A lot of people who have unaccounted money buy benami property in the name of fictitious persons ... These transactions have to be discouraged,” he said. On concerns expressed by
certain members about religious properties or those owned by deities or religious institutions, Jaitley said the government under this Bill will exempt such bonafide entities.