Government is most likely to review laws on benami property and most probably go for amendment to show its concerned attitude on this issue. The amendment will provide government with the right to take over any land that is declared as benaami or it belongs to person who has not paid property tax properly. Earlier a law related to this was passed by Parliament in 1988 but it never into implementation .The newly formulated law would be enacted strictly to stop generation of black money. This law will authorize government to seize any illegal property and bring it in use into development related work.
The following act has made compulsory that all property deals will be certified by CA.It will surely reduce the amount of black money generated by property owners. This law will directly benefit government and increase its annual revenue. The real business gives rise to ample amount of black money. But with the coming into light of 2G spectrum scandal possibilities of black money exist in other sectors also. Therefore government was forced to stop the property theft and take over bennami property for various development schemes. This law if properly implemented will reduce the cases of black money in country.
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