The PM said his crackdown on black money would lead to housing for the poor, education of their children and cheaper medicines for the elderly. He said India’s demographic dividend, where 65 per cent of the population, or over 800 million people, were below 35 years of age and needed opportunities.
Jail term
According to the new law, people caught with ‘benami’ properties could serve up to seven years of rigorous imprisonment and have to pay a significant fine. Additionally, the properties will be confiscated. Under the Act, a transaction is named ‘benami’ if property is held by one person, but has been provided or paid for by another person.
A person could also face rigorous imprisonment for up to five years for knowingly giving false information and will have to pay a fine of up to 10 per cent of the market value of the property.
The PBPT Act provides for the creation of an appellate mechanism called the Adjudicating Authority and Appellate Tribunal.
“A Joint/Additional Commissioner of Income-tax, an Assistant/Deputy Commissioner of Income-tax and a Tax Recovery Officer… have been notified to perform the functions and exercise the powers of the Approving Authority, Initiating Officer and Administrator, respectively under the PBPT Act,” the statement added.
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