{"id":39149,"date":"2016-12-28T21:13:40","date_gmt":"2016-12-28T14:13:40","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/does-indias-anti-benami-law-have-teeth\/"},"modified":"2016-12-28T21:14:53","modified_gmt":"2016-12-28T14:14:53","slug":"does-indias-anti-benami-law-have-teeth","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/does-indias-anti-benami-law-have-teeth\/","title":{"rendered":"Does India\u2019s anti-\u2018benami\u2019 law have teeth?"},"content":{"rendered":"


\nIt\u2019s just \u2018the beginning\u2019
\nLong queue of people outside banks in Gurgaon to deposit old 500 and 1000 currency notes. singh_lens \/ Shutterstock.com
\nPrime Minister Narendra Modi has vowed anew to be relentless in his fight against corruption in India.
\nIn his sights after the demonetisation drive: benami property or that acquired under an alias or someone else\u2019s name.
\n\u201cThis is just the beginning. We have to win this battle and the question of feeling exhausted or stopping simply does not arise,\u201d Modi said Sunday in his radio show \u201cMann Ki Baat.\u201d
\nViolators face up to seven years in jail and real estate seizures under the Prohibition of Benami Property Transactions Act, which came into effect in November.
\nImplementing the law, let alone identifying benami properties, might prove to be thorny for tax authorities though. The land registry in India is notoriously tortuous, with records scattered in paper across various local offices.
\nMore: Chinese mega developers to plough billions into Indian real estate
\n\u201cWe haven\u2019t moved ahead with digitisation of land records,\u201d governance expert Ashutosh Mishra told Straits Times. \u201cHow are you going to match everything?\u201d
\n\u201cThe relentless pursuit of black money needs to be backed by solid execution,\u201d Amit Maheshwari, partner at Ashok Maheshwary & Associates LLP, told The Economic Times. \u201cOtherwise this will just remain on paper.\u201d
\nThe anti-benami legislation comes on the heels of the Union government\u2019s surprise move last month to put high-value rupee bills out of circulation, quashing undeclared wealth and tax evasion across the corruption-ridden nation.
\nOver 30 percent of real estate deals are shifted in ill-gotten cash, Straits Times reported, citing data from Ambit Capital Research.
\nSome academics think the anti-benami law would ultimately have no incisive power. \u201cThey are only trying to scare the population so that maybe some people get scared and declare,\u201d Arun Kumar, author of \u201cThe Black Economy In India,\u201d told Straits Times. \u201cBusinessmen and black money people are hardened people. They know how to work around the system,\u201d he said.
\nRead next: India\u2019s Smart Cities Mission wants to transform urban areas into high-tech hubs
\n
\nSource : property-report.com
\nRead more…Does India\u2019s anti-\u2018benami\u2019 law have teeth?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s just \u2018the beginning\u2019 Long queue of people outside banks in Gurgaon to deposit old...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-39149","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-abr","jetpack-related-posts":[{"id":36916,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/india-homes-in-on-benami-property\/","url_meta":{"origin":39149,"position":0},"title":"India homes in on benami property","date":"December 3, 2016","format":false,"excerpt":"\r The Indian government is coming down hard down on the widespread problem of corrupt practices and black money inflows through \"benami\" transactions that have plagued the property sector for decades.In a benami transaction, property or land is bought in someone else's name or under a fictitious identity, often used\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36914,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/benami-property-transparency-in-india-home-ownership\/","url_meta":{"origin":39149,"position":1},"title":"Benami property: transparency in India home ownership","date":"December 3, 2016","format":false,"excerpt":"\r Ajay Jain, the executive director of investment banking and head of the real estate advisory arm of Centrum Capital in Mumbai, talks about benami property.Could you explain the issue of benami property in Mumbai?People with excessive unaccounted monies have invested in properties in fictitious or 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