Benami TXNS Law Okayed, 7 yrs in jail, fine of 25% value

JAMMU: After repealing the Roshni scheme which dealt with vesting of ownership of state land to its occupants in its previous meeting, Governor Satya Pal Malik-led SAC on Sunday has gone after the benami transactions, majorly related to the lands and properties, as it approved a bill which gives for up to seven years prison term and a fine equivalent to 25% of the market value of the benami property for a person found guilty for affecting any such transaction.
Benami transactions are those which are made under a fictitious name, or the owner is not aware of the ownership of a property, or the person paying for a property is not traceable.
The SAC today approved the ‘Jammu and Kashmir Prohibition of Benami Property Transactions Bill, 2018’, a comprehensive law aimed at tackling benami transactions in the state.
The Bill provides for creation of the requisite administrative structure for enforcement of the law and empowers the Designated Authorities to attach and confiscate any property which is held to be Benami.
The penal provisions incorporated in the bill provide for imprisonment of not less than a year, which may be extendable up to seven years, for persons found guilty of benami transactions.
Besides, a fine equivalent to 25 per cent of the market value of the benami property can also be imposed.