SAC approves bill to tackle benami transactions in J&K

JAMMU: Governor Satya Pal Malik-led State Administrative Council (SAC) on Sunday approved a bill to tackle benami transactions, an official spokesperson said.

Benami transactions are those which are made under a fictitious name, or the owner is not aware of the ownership of a property, or the person paying for a property is not traceable.

The Jammu and Kashmir Prohibition of Benami Property Transactions Bill, 2018, is a comprehensive law aimed at tackling benami transactions in the State, the spokesperson said.

It provides for creation of requisite administrative structure for enforcement of the law and empowers the designated authorities to attach and confiscate any property which is held to be benami, he said. (AGENCIES)