The Cabinet on Wednesday approved the new Benami Transaction (Prohibition) Bill, which aims to curb the generation of domestic black money. Apart from confiscation, the Bill provides for prosecution and aims to act as a major avenue for blocking generation and holding of black money in the form of benami property, especially in real estate.
Union Finance Minister Arun Jaitley clarified recently that black money Bill, which was passed recently by the Lok Sabha, did not have provisions to deal with domestic illegal assets and cash held on Indian soil. He explained that a new Bill will be presented to Parliament soon to take care of black money within India.
