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Bank deposits frozen in 42 cases under Benami Act

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Initiating stringent action against black money holders after note ban, the income-tax (I-T) department on Monday said it has issued 87 notices and frozen bank deposits worth crores in 42 cases nationwide under the newly enforced
benami (nameless)Act, which attracts a heavy penalty and rigorous jail term of a maximum seven years.
After demonetisation order of the government on November 8 last year, the department had carried out public advertisements and had warned people against depositing their unaccounted old currency in someone elses bank account saying such an act would attract criminal charges under the Benami Property Transactions Act, 1988, applicable on both movable and immovable property, that has been enforced from November 1, 2016.
The I-T department is the nodal department to enforce the Act in the country.

The taxman has issued numerous summons under the Act and is in the process of issuing more.

The decision, officials said, to slap the stringent provisions of the Act, was taken after analysing serious cases where illegalities were blatant and suspect cash was deposited in either benami accounts or Jan Dhan or dormant accounts.

The taxman had initiated a nationwide operation to identify suspect bank accounts where huge cash deposits have been made after November 8 when the government banned old Rs.500 and Rs.1,000 notes.
Business Standard New Delhi,31st March 2017

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