SAC approves legislation to tackle Benami transactions
JAMMU: The State Administrative Council (SAC) under the chairmanship of Governor, Satya Pal Malik approved the ‘Jammu and Kashmir Prohibition of Benami Property Transactions Bill, 2018’.
The Bill is 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.
Panel provisions incorporated in the Act provide for imprisonment of persons found guilty of offence of Benami transactions which shall not be less than one year extendable to seven years, besides fine equivalent to 25% of the market value of the property can also be imposed.