(Reuters)
(Reuters)

‘Benami property’ law to be operationalised soon: PM Modi in Mann ki Baat

In his last “Mann ki Baat” address this year, PM Modi defended the frequent changes in the rules of demonetisation, saying these have been done to reduce the people’s problems and defeat such forces who are out to thwart his government’s fight against black money and corruption.
By Saubhadra Chatterji and Mahua Venkatesh, New Delhi | Hindustan Times
UPDATED ON DEC 25, 2016 09:18 PM IST

The next step in the war against corruption would be a crackdown on benami property, Prime Minister Narendra Modi said Sunday, as he again thanked people for enduring the “pain” caused by scrapping of high-value currency.

Modi, who has come in for heavy criticism for scrapping Rs 500 and Rs 1,000 notes that has triggered a cash crunch, said if curbing corruption and ill-gotten wealth required “even tougher steps, those would be taken”.

Highlights of PM Modi’s Mann ki Baat

The corrupt are devising new tactics to thwart government’s efforts

Rules of currency switch changed frequently to reduce the people’s problems and defeat forces dangerous to black money crackdown

No exemptions for political parties in demonetisation

Common people are my sources of information for huge cash seizures during raids

“You are possibly aware of a law about benami property in our country which came into being in 1988, but neither were its rules ever framed, nor was it notified. It just lay dormant,” Modi said during the year’s last edition of Mann ki Baat, his monthly radio programme.

“We have retrieved it and turned it into an incisive law against benami property. In the coming days, this law will also become operational,” he said.

One of the biggest criticisms of demonetisation is that cash only accounts for 6% of the black money, the bulk of which is parked in real estate, bullion or is stashed abroad.

Read | Mann Ki Baat: PM Modi thanks people for enduring demonetisation ‘pain’

The benami transactions (prohibition) amendment act, which came into effect from November 1, has a provision for seven years in jail and a hefty fine for offenders. Such properties can also be confiscated.

A property is benami if it is paid for by someone other than the owner and the source of income is not known. The property could be in the name of spouse or children.

To avoid paying taxes, many black-money holders prefer to buy property in the names of family, friends and even staff.

Modi’s push against such properties will not only expand his “battle against black money” but also blunt Opposition’s criticism, which has accused him of wrecking the country’s economy.

Sources, however, said the law should be tightened for it to be effective.

Various options were being considered to deal with the benami-property holders and like the demonetisation drive, a “surprise move” could be announced, an official told HT.

Read | Mann Ki Baat: Modi bats for cashless transactions, harps on people’s support

“We have the required information and we are equipped to deal with it... once the act is implemented, we will start taking action against those who hold such benami properties,” a finance ministry official, who refused to be identified, told HT.

Defending frequent changes in rules after he announced demonetisation on November 8, Modi said the norms were changed to outsmart people who were exploring new ways to get round the guidelines.

The changes, at least 60 of them at last count, were signs that the government had blundered in remonetisation, the Opposition had said.

“When I have resolved to wage battle against them, they too come up with new tactics everyday to thwart our efforts. To counter them, we too have to devise appropriate new responses and antidotes,” Modi said.

The PM, often accused of being pro-business and anti-poor, invoked Jesus Christ, saying demonetisation would benefit the poor. “Jesus said the poor do not need our favours but our acceptance with affection,” he said on Christmas Day.

Read | Narendra Modi lauds Indian sportspersons for their brilliant display in 2016

SHARE THIS ARTICLE ON
Close
The Bailey bridge was inaugurated on Thursday.(ANI Photo)
The Bailey bridge was inaugurated on Thursday.(ANI Photo)

Bridge in Uttarakhand, washed away in flash flood, rebuilt in 8 days

By hindustantimes.com | Edited by Amit Chaturvedi
PUBLISHED ON MAR 05, 2021 06:03 PM IST
The Uttarakhand flood was triggered after a chunk of a glacier - which experts said was 15 football fields long and five across - broke off from the main structure and fell into a small river.
Close
Union Finance Minister Nirmala Sitharaman added that the minimum threshold for initiating IBC proceedings has already been raised from <span class='webrupee'>₹</span>1 lakh to <span class='webrupee'>₹</span>1 crore, which largely insulates MSMEs.(ANI file photo)
Union Finance Minister Nirmala Sitharaman added that the minimum threshold for initiating IBC proceedings has already been raised from 1 lakh to 1 crore, which largely insulates MSMEs.(ANI file photo)

I-T raids on Taapsee, Anurag Kashyap: FM says they were raided in 2013 too

PTI, New Delhi
PUBLISHED ON MAR 05, 2021 05:38 PM IST
Refusing to comment on individual cases, she said it is in the national interest to know if some evasion is happening.
Close
Jammu and Kashmir National Conference leader Farooq Abdullah. (PTI)
Jammu and Kashmir National Conference leader Farooq Abdullah. (PTI)

Farooq Abdullah questions ED order in alleged money laundering case

PTI
PUBLISHED ON MAR 05, 2021 05:26 PM IST
The former Jammu and Kashmir chief minister challenged the December 2020 order before the high court on Wednesday. It is scheduled to come up for hearing later Friday.
Close
Ramesh Chennithala denied allegations that the Congress party has weakened in Kerala. In picture - Chennithala (extreme left) arrives for a meeting with the party leaders.(PTI)
Ramesh Chennithala denied allegations that the Congress party has weakened in Kerala. In picture - Chennithala (extreme left) arrives for a meeting with the party leaders.(PTI)

Kerala Assembly Poll 2021: Congress says UDF seat-sharing talks on ‘last lap’

By hindustantimes.com | Written by Srivatsan K C, New Delhi
PUBLISHED ON MAR 05, 2021 05:12 PM IST
“Seat sharing talks are progressing. We are on the last lap. We will finalise the list by today or tomorrow," Congress leader Ramesh Chennithala said.
Close
File photo of Punjab chief minister Captain Amarinder Singh.(HT Photo)
File photo of Punjab chief minister Captain Amarinder Singh.(HT Photo)

Punjab passes resolution demanding unconditional withdrawal of farm laws

By hindustantimes.com | Edited by Amit Chaturvedi
PUBLISHED ON MAR 05, 2021 05:06 PM IST
Earlier, the members of the Shiromani Akali Dal (SAD) created uproar in the assembly when the chief minister was replying to the Governor's address.
Close
Tourism sector association says restrictions in Himachal are the most stringent in the country and this was not only causing revenue loss to the government but also resulting in job losses and near collapse of the hospitality industry.(HT File)
Tourism sector association says restrictions in Himachal are the most stringent in the country and this was not only causing revenue loss to the government but also resulting in job losses and near collapse of the hospitality industry.(HT File)

Pandemic-induced job losses ate up 13 lakh crore of household income: Report

PTI
PUBLISHED ON MAR 05, 2021 05:06 PM IST
Though general economic activity is back to the pre-pandemic level, the key question is if this growth momentum can be sustained as the composite economic indicator has plateaued in January after recovering swiftly in the prior two quarters.
Close
Congress leader Karti P Chidambaram.(ANI)
Congress leader Karti P Chidambaram.(ANI)

News updates from HT: Karti Chidambaram wants Priyanka Gandhi in TN bypolls

By hindustantimes.com, New Delhi
PUBLISHED ON MAR 05, 2021 05:03 PM IST
Here are today’s top news, analysis and opinion. Know all about the latest news and other news updates from Hindustan Times.
Close
The second and the third "Shahi Snan" are slated for March 9 and 13(AP)
The second and the third "Shahi Snan" are slated for March 9 and 13(AP)

Release more water in Yamuna, priests appeal to PM Modi ahead of Vrindavan Kumbh

PTI, Mathura
PUBLISHED ON MAR 05, 2021 04:59 PM IST
While the arrangements made for the Vrindavan Kumbh by the government of Uttar Pradesh are commendable, the polluted Yamuna water mars the efforts, the outfit's president, Mahesh Pathak, said.
Close
Representational Image. (HT file)
Representational Image. (HT file)

25 students of govt boarding school test Covid positive in Rajasthan’s Udaipur

By Sohail Khan
PUBLISHED ON MAR 05, 2021 04:53 PM IST
Chief medical officer Dinesh Kharadi said 80 students and 10 staff members of the school were tested after a teacher tested positive for the disease. He added the students who tested positive have been kept under isolation
Close
The decision to hold the Quad summit soon after the Joe Biden administration takes charge indicates that the security dialogue has been institutionalised.(Agencies)
The decision to hold the Quad summit soon after the Joe Biden administration takes charge indicates that the security dialogue has been institutionalised.(Agencies)

As China eyes Taiwan and beyond, Quad's Indo-Pacific agenda takes priority

By Shishir Gupta, Hindustan Times, New Delhi
UPDATED ON MAR 05, 2021 04:56 PM IST
  • The Quad Summit will be US President Joe Biden’s first interaction under the diplomatic and security initiative revived during the Donald Trump era as a buffer against Beijing
Close
Border Roads Organisation (BRO) workers engaged in building a valley bridge over the Rishi Ganga River at Raini village of the disaster-hit Chamoli district. (PTI)
Border Roads Organisation (BRO) workers engaged in building a valley bridge over the Rishi Ganga River at Raini village of the disaster-hit Chamoli district. (PTI)

Natural hazards, infra development magnified Chamoli disaster: ICIMOD

By Jayashree Nandi
PUBLISHED ON MAR 05, 2021 04:40 PM IST
The analysis is significant because the Defence Geo-informatics Research Establishment under DRDO had recently said the tragedy was not “immediately” a human-induced disaster
Close
File photo of Congress MP Karti Chidambaram.(PTI)
File photo of Congress MP Karti Chidambaram.(PTI)

Karti again raises demand that Priyanka Gandhi must contest Kanyakumari bypoll

By hindustantimes.com | Reported by Divya Chandrababu | Edited by Amit Chaturvedi
UPDATED ON MAR 05, 2021 04:19 PM IST
This is the second time that Chidambaram, the Congress MP from Sivaganga, has made this demand. In November last year, he tweeted to say that Congress needs a 'bold move' and demanded that Priyanka Gandhi Vadra should contest the Kanyakumari bypoll.
Close
Prime Minister Narendra Modi during virtual summit with Swedish PM Stefan Löfven.
Prime Minister Narendra Modi during virtual summit with Swedish PM Stefan Löfven.

At virtual summit with Sweden, PM Modi says ‘climate change a priority’

By hindustantimes.com | Written by Kanishka Sarkar, Hindustan Times, New Delhi
UPDATED ON MAR 05, 2021 04:24 PM IST
Modi put spotlight on the nation’s achievements in the power sector in the recent years, and said, “India's renewable power capability has increased by 162% in the last five years.”
Close
A protest scene in Andhra Pradesh.
A protest scene in Andhra Pradesh.

Andhra observes bandh against privatisation of Visakhapatnam Steel Plant

By Srinivasa Rao Apparasu, Hindustan Tim, Es, Hyderabad
PUBLISHED ON MAR 05, 2021 04:06 PM IST
Except the Bharatiya Janata Party, all the political parties, including the YSR Congress Party, the ruling party in the state, took part in the state bandh.
Close
An encounter between Maoists and the elite security force was underway, reports said. File Photo/Representational(HT Photo)
An encounter between Maoists and the elite security force was underway, reports said. File Photo/Representational(HT Photo)

Elite commando injured in landmine blast by Maoists in Maharashtra’s Gadchiroli

By Pradip Maitra | Edited by Abhinav Sahay, Nagpur
UPDATED ON MAR 05, 2021 04:15 PM IST
  • On February 23, a Maoist camp was destroyed and an ambush against security forces was foiled by police in Gadchiroli district.
Close
SHARE
Story Saved
OPEN APP