As a sequel to the announcement in the Budget, the Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to amend the Benami Transactions (Prohibition) Act, 1988 by moving of the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament.

 The Bill provides for attachment and confiscation of benami properties and also fine with imprisonment. This is one more initiative to fight the menace of black money inside the country.

 The Department of Revenue in consultation with the Legislative Department has amended the Benami Transactions (Prohibition) Act, 1988.

Benami property prohibition expanded to allow attachment and confiscation with penal sanctions to curb concealed wealth. Amendment to the Benami Transactions (Prohibition) Act, 1988 authorises strengthened measures against benami property by introducing provisions for attachment and confiscation of benami assets and a reinforced penalty regime including fine with imprisonment, implemented through the Benami Transactions (Prohibition) (Amendment) Bill, 2015 as a statutory tool to curb black money.