Loksabha passed Benami Transaction Amendment Bill

Lok Sabha on 27 July 2016 passed the Benami Transactions (Prohibition) Amendment Bill, 2015. The Bill seeks to amend the Benami Transactions Act, 1988.
•    The bill prohibits benami transactions and provides for confiscating benami properties.
•    It defines benamidar as the person in whose name the benami property is held or transferred, and a beneficial owner as the person for whose benefit the property is being held by the benamidar.
•    Under the Act, an Authority to acquire benami properties was to be established by the Rules. 
•    To hear appeals against any orders passed by the Adjudicating Authority, the Bill also seeks to establish an Appellate Tribunal. 
•    Appeals against orders of the Appellate Tribunal will lie to the high court.