from page 38 of september 2018 bcaj)
5. HOW WILL THE ACT BRING OUT ILLICIT MONEY?
Illicit money is parked to a substantial extent in benami properties.
The benefits of such properties are now effectively nullified by the Government
in the following manner.
- Firstly, the real owner is disabled
from claiming any right on benami property.
- Secondly, the benamidar is prevented
from re-transferring the benami property to the real owner.
- Thirdly, by including sale proceeds
of benami property in the definition of ‘benami property’, benamidar is
prevented from enjoying the sale proceeds of such property.
- Finally, the benami property is
confiscated and the same vests in the Central Government. Thus, the illicit
money parked in benami properties is eventually sent to Government coffers.
Thus, the Act provides teeth t