Initiating stringent action against black money holders, the Income-Tax department on Monday said it had issued 87 notices and attached bank deposits worth crores in 42 cases nationwide under the newly enforced Benami Transactions Act, which attracts a heavy penalty and rigorous jail term of a maximum 7 years.
After the demonetisation order of the government last year, the department had carried out public advertisements and had warned people against depositing their unaccounted old notes in someone else’s bank account saying such an act would attract criminal charges under the Benami Property Transactions Act, 1988, applicable on both movable and immovable property, that has been enforced from November 1, 2016.
“After in-depth investigations, the I-T department has issued 87 notices under section 24 of the said Act (notice and attachment of property involved in benami transaction). A total of 42 properties, largely monies worth crores in bank accounts and an immovable property, of benamidars have been attached,” officials said citing an analysis report. — PTI.
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