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Benami property is PM Modi’s next target: Here’s all you need to know about it

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V.Balasubramani

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Benami property is PM Modi’s next target: Here’s all you need to know about it


After demonetization of high-value currency notes, Prime Minister Modi is all set to crack the whip on benami property holders.

After demonetization of high-value currency notes, Prime Minister Modi is all set to crack the whip on benami property holders. He has already hinted at this so many times and even today, making his last monthly address this year in his “Mann ki Baat” programme, he said that the government will soon operationalise a strong law to effectively deal with ‘benami’ properties, according to a PTI report.

It is still not clear what the PM’s next step will be against benami property, but in August this year itself, Parliament had passed the Benami Transactions (Prohibition) Act, and the rules and provisions of the Benami Transactions (Prohibition) Act came into force on November 1, 2016. The existing Benami Transactions (Prohibition) Act, 1988, was renamed as the “Prohibition of Benami Property Transactions Act, 1988”.

The Benami Act was passed with the intent of bringing unaccounted money into the system, as well as seizing benami property and prosecuting those indulging in such activities.

What is benami property?


In technical terms, ‘Benami Transaction’ means a transaction or an arrangement where a property is transferred to, or is held by, a person called ‘Benamidar’, and the consideration for such property has been provided, or paid by, another person. Such property is referred to as ‘Benami Property’.

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hi

many MPs/MLAs have benamis.....the raid should start from ministers/MPs./MLas....then real estate dealers....
 
sir,

It is happening... but with highly limited manpower... the IT Department, Enforcement Directorate, CBI, are all on the drive......

Here are few raids to cite:
I-T department's selective raids on rich politicians: What's the story?

[h=1]http://www.firstpost.com/politics/i-t-departments-selective-raids-on-rich-politicians-whats-the-story-2948632.html#[/h][h=1][/h][h=1]1) I-T raids on AAP MLA Kartar Singh, Rs 130 crore recovered[/h][h=1]Source: http://www.hindustantimes.com/delhi...e-recovered/story-ZGU9L5DQuP9MF46NSMFJJO.html[/h][h=1][/h]
 
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Few more cases to cite:

1) Tax fraud: Raids net Rs 265 crore from Chittoor MLA Satya Prabha

Source: http://m.dailyhunt.in/news/india/en...rom+chittoor+mla+satya+prabha-newsid-58509312

2)Demonetisation crackdown: Income-Tax department raids BJP leader Sushil Vaswani’s residence, office in Bhopal

The Income Tax department on Tuesday carried out an extensive raid on the residence and hotels of a BJP leader Sushil Vaswani in Bairagarh districts located in the outer area of Bhopal.

By: FE Online | Published: December 20, 2016 4:40 PM
Source: http://www.financialexpress.com/ind...l-vaswanis-residence-office-in-bhopal/480688/

A google search will reveal more..........
 
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hi

every godman/politicians have some connections in all [private engineering colleges in tamil nadu.....all private engineering

colleges are some kind of benami name....
 
hi

every godman/politicians have some connections in all [private engineering colleges in tamil nadu.....all private engineering

colleges are some kind of benami name....

Sir,

They enter politics in the guise of serving the public but it may be the urge aimed at enriching their money and muscle power
--------------------------------------------

Tamil Nadu has one of the largest numbers of self-financing colleges with engineering institutions alone accounting for over 500 with a number of them being run by persons with political background cutting across party lines.(India Votes 2014: full coverage)

The trend of politicians entering the lucrative self-financing professional education field started in the 1980s when it was thrown open to the private sector.

Taking the electoral plunge for the first time is founder of Indiya Jananayaka Katchi (IJK), BJP's ally and head of the SRM Group of institutions, T R Pachamuthu from Perambalur constituency.

Pudhiya Needhi Katchi (New Justice Party) President AC Shanmugam, founder of Dr MGR Educational and Research Institute, is returning to poll arena nearly after a gap of three decades.

A former MP and MLA, Mr Shanmugam is contesting from Vellore constituency, in alliance with BJP. In 1980 Assembly election, he emerged the winner contesting from Arani constituency and in 1984 from the Vellore constituency under the AIADMK ambit.

AIADMK candidate from Sriperumbudur constituency K N Ramachandran is another prominent face in the field. He is the Chairman of Sakthi Mariamman Engineering College and Kannammal Educational Trust, Chennai.


DMK leader and former Union Minister S Jagathrakshakan, contesting from Sriperumbudur constituency, heads the private Bharath University and several other engineering and medical colleges in Chennai.

Another DMK nominee Pongalur N Palaniswamy, trying his luck from Pollachi, manages the Kalaignar Karunanidhi Institute of Technology, Coimbatore.

Similarly, family members of AIADMK's M Thambidurai, fielded in Karur, also have presence in the education sector.

According to 72-year-old Mr Pachamuthu, who also runs 'Puthiya Thalaimurai' Tamil TV channel, "The tendency to serve the people and the necessity of a national organisation for the upliftment of the downtrodden is a major motive behind the launch of his Indiya Jananayaka Katchi (ahead of last assembly polls in 2011)."

Incidentally, Mr Shanmugam, Mr Pachamuthu and Mr Jagathrakshakan are in the top ten of super-rich candidates owning assets worth more than Rs 50 crore.


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hi

many godman has huge ashrams/go shalas in large landed property......many are tax empted and benamis....
 
hi

many godman has huge ashrams/go shalas in large landed property......many are tax empted and benamis....

Sir,

There are Godmen who are not only evading tax but also involve in other controversial activities....


1) Sant Rampal
Sant Rampal, as he is called by his followers set up Satlok Ashram in 1999 after he came in contact with a seer named Ramdevanand. Soon, he had a number of followers and began opening ashrams all over Haryana.
The 63-year-old engineer, today, owns a fleet of luxury cars, and lives in an ashram in Barwala, Haryana, spread over a sprawling 12 acres.

His legal woes began in 2006 when he clashed with supporters of Arya Samaj founder Swami Dayanand Saraswati, which led to the death of one person.
Since then, Rampal, who faces contempt of court, murder and attempt to murder cases in various courts, has skipped hearings 42 times.

Rampal is said to have over 25 lakh followers in Haryana, Uttar Pradesh, Rajasthan, Madhya Pradesh, Punjab and Delhi and has his own Facebook and YouTube page too, with a huge fan following.
For the last 10 days, Rampal’s ashram has witnessed violent clashes as his supporters have been refusing the police entry into the guarded fortress, which also led to the deaths of six devotees.

2)
Nithyananda

Popular for his spiritual discourses and meditation programmes, Swami Nithyananda was named as one of the 100 most spiritually influential living people in the world by Watkins’Mind Body Spirit magazine.
He claims to be the most-watched spiritual teacher on YouTube.com with more than 14 million views, and the author of more than 300 books published in 27 languages.

Controversies:


1: Nithyananda landed in a controversy after a purported video footage showing him in a compromising position with an actress was telecast by local TV channels. Nithyananda said the video was morphed and manipulated to misrepresent his personal life but did not deny his images with actress Ranjita in the film.
The video aired on Tamil TV channels caused a furore, with some Hindu groups and others protesting against Nithyananda. The Karnataka government too promised "very strict" action against him.
Lenin Karuppan, who had exposed the alleged sex scandal, was arrested after a complaint by the manager of Nithyananda's ashram that Lenin had demanded money to keep the video secret.

2: Swami Nithyananda was also accused of rape by Indian-born American citizen, Arthi Rao, in June 2012. Rao went on Indian television accusing Nithyananda of raping her for several years. Nithyananda again denied the allegations.

3) Chandraswami

His association with former Prime Minister PV Narasimha Rao brought Chandraswami -- the controversial tantrik -- into prominence.
Interestingly, the godman’s finances have fluctuated with his political fortunes.

Controversies:


1: Chandraswami has been accused of several financial irregularities and was ordered by the Supreme Court to pay a penalty in several Foreign Exchange Management Act violation cases registered by the enforcement directorate. The ED has imposed a total penalty of Rs 9 crore (approx) on Chandraswami in 13 cases of Foreign Exchange Regulation Act violations for acquiring foreign exchange in contravention of the Act.

2: In 1996, he was arrested on charges of defrauding a London-based businessman of $100,000.

3: The CBI has been investigating the suspected role of the self-styled godman in the Rajiv Gandhi assassination case. The Jain Commission dedicated a volume to his alleged involvement in the assassination. The Enforcement Directorate is still investigating his alleged role as financier in the killing.


To read more click here
 
Good write up!!

[h=1]What are benami properties? All you need to know[/h] [h=2]In his last Mann Ki Baat of the year, Modi said the government will soon operationalise a strong law to effectively deal with 'benami' properties. "[/h]







By: Express Web Desk | New Delhi | Updated: December 25, 2016 7:19 pm

After attacking black money by demonetisation of high value curency notes, Prime Minister Narendra Modi is all set to take on ‘benami’ properties to check corruption. In his last Mann Ki Baat of the year, Modi said the government will soon operationalise a strong law to effectively deal with ‘benami’ properties. “We will take action against ‘benami’ property. This is major step to eradicate corruption and black money… We are going to take action against the properties which are purchased in the name of others (benami). That is the property of the country,” said the prime minister.
The government has already enacted the Benami Transactions (Prohibition) Amendment Act, 2016 which provides for rigorous imprisonment of up to seven years, and a fine which may extend to 25 per cent of the fair market value of the benami property. It also empowers the government to confiscate deposits of people using others accounts to convert unaccounted wealth into white money. But it seems its hasn’t deterred the corrupt from amassing benami properties. Hopefully, the government will make further amendment in the existing law, or may bring a new act, as said by the prime minister.
What is benami property?
Benami in Hindi means without name. So, a property bought by an individual not under his or her name is benami property. It can include property held in the name of spouse or child for which the amount is paid out of known sources of income. A joint property with brother, sister or other relatives for which the amount is paid out of known sources of income also falls under benami property. The transaction involved in the same is called benami transaction. As a usual practice, to evade taxation, people invest their black money in buying benami property. The real owner of these properties are hard to trace due to fake names and identities. The person on whose name the property is purhcased is called benamdar. The benami transactions include buying assets of any kind — movable, immovable, tangible, intangible, any right or interest, or legal documents.
What are the laws against benami properties?
The first act against benami properties ws passed in 1988 as the Prohibition of Benami Property Transactions Act, 1988. To curb black money, the Modi government in July 2016 decided to amend the original act. So after further amendment, Benami Transactions (Prohibition) Amendment Act, 2016 came into force on November 1, 2016. The PBPT Act defines benami transactions, prohibits them and further provides that violation of the PBPT Act is punishable with imprisonment and fine. The PBPT Act prohibits recovery of the property held benami from benamidar by the real owner. Properties held benami are liable for confiscation by the Government without payment of compensation.
Affect of benami transactions on people and need for tough law
Rather than hoarding the black money in cash, the tax evader invest their accumulated illegal money in buying benami properties. The whole process affects the revenue generation of government hampering growth and development of the state. Since the percentage of tax payer in the country is a dismal low, the government fails to successfully implement its policies and schemes due to lack of resources. A tough law against benami properties is the need of the hour to check corruption.

http://indianexpress.com/article/in...ies-all-you-need-to-know-modi-demonetisation/
 
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