After the Benami Law for Properties became effective from November last year, many Benami Transactions have come into the picture. Show cause notices are issued for 140 cases for the attachment of Benami Properties valuing around Rs.200 crore.
Out of all the cases, 124 Benami Transactions have been influenced by provisional attachment and the attached Benami Properties comprise of immovable properties and bank deposits.
The amendment in the Benami Law for Properties Act became effective and active on 1st November, 2016.
The Benami Transactions act was on the list of becoming effective for almost 28 years but it could not be implemented due to a few structural flaws.
The government is also promoting and encouraging digital financial transactions which are a part of their strategy that also includes facilitating associated credit which will ultimately help the small enterprises. They will be able to enhance their compliance in tax and their savings in the banking system.
The parties which are involved in the transactions select their mode of payment based on the cost and also other advantages.
State bank of India, the largest bank of India, has announced that all savings account holders in the banks are eligible for three transactions of cash deposit per month which will be free. After the account holder enjoys the three transactions, a fee of Rs.50 added with service tax will be charged per transaction.
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