BUSINESS

Cabinet nod for changes to Benami Transactions Bill

The Union Cabinet approved amendments to the Benami Transactions (Prohibition) (Amendment) Bill, 2015, to be introduced in Parliament.

“The amendments aim to strengthen the Bill in terms of legal and administrative procedure so as to overcome the practical difficulties which may arise in the implementation of the provisions of the Bill when it becomes an Act,” according to a government statement. The legislation empowers the government to confiscate benami property by following due procedure. “However, those who declare their benami properties under income declaration scheme will get immunity under the Benami Act,” it added.

The Cabinet also approved the installation of the 1980 MW Ghatampur Thermal Power Project (GTPC) through a joint venture between Neyveli Lignite Corporation and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL). The JV is to be named Neyveli Uttar Pradesh Power Limited (NUPPL).

“The project will be implemented at an estimated cost of Rs.17,237.8 crore, a statement said.