One of the leading issue in Indian economy is the effort made by the government to tackle the problem of black money and related illegal economic activities. Several efforts were made by the government to fight black money, money laundering etc. One such serious and sound step is enactment of the Benami Transactions (Prohibition) Amendment Act 2016. The Act amends the existing Benami Transactions (Prohibition) Act, 1988, and came into effect on November 1, 2016. The modified new legislation will be known as Prohibition of Benami Property Transactions Act, 1988 (PBPT Act).
The Act is going to be an ace weapon to track and trap blakc money supplementing the Income Declaration Scheme 2016 and the demonetization programme launched by the government. Already, the tax department has taken measures against two big recent disclosures (Rs 2 lakh crore and Rs 13000 crore) on the ground of benami property. This is using the New Act.
