{"id":11457,"date":"2017-02-04T15:45:24","date_gmt":"2017-02-04T05:45:24","guid":{"rendered":"http:\/\/leadpakistan.com.pk\/news\/?p=11457"},"modified":"2017-02-04T15:45:24","modified_gmt":"2017-02-04T05:45:24","slug":"benami-transactions","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/benami-transactions\/","title":{"rendered":"Benami transactions"},"content":{"rendered":"<p>The National Assembly has passed \u2018Benami\u2019 Transactions (Prohibition) Act 2017 for the prohibition of holding property in \u2018benami\u2019 and restrict the right to recover or transfer property and provide a mechanism and procedure for the confiscation of \u2018benami\u2019 property. The law provides that no person shall enter into any \u2018benami\u2019 transaction and anybody violating this provision shall be punishable under the law and any property, which is the subject matter of \u2018benami\u2019 transactions, shall be liable to be confiscated by the federal government. Moreover, no person, being \u2018benamidar\u2019 shall transfer the \u2018benami\u2019 property held by him for the beneficial owner or any other person acting on his behalf and where any property is retransferred in contravention of the provisions of this law, the transaction of such property shall be deemed to be null and void.<br \/>\nThis bill, once it becomes an Act, is expected to deal with the problems of tax evasion and black money especially in the real estate sector, and to target transactions that are carried out in other people\u2019s name. It is also meant for putting an end to \u2018benami\u2019 transactions, and to empower the government to recover such property, defining \u2018benami\u2019 transactions, the legislature intends to prohibit all persons from entering into such transactions. The bill further seeks to ensure that if any person enters into a benami transaction to evade tax or avoid payment to creditors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Assembly has passed \u2018Benami\u2019 Transactions (Prohibition) Act 2017 for the prohibition of holding property in \u2018benami\u2019 and restrict the right to recover or transfer property and provide a mechanism and procedure for the confiscation of \u2018benami\u2019 property. The law provides that no person shall enter into any \u2018benami\u2019 transaction and anybody violating this [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":{"0":"post-11457","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-editorial"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Benami transactions<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/benami-transactions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Benami transactions\" \/>\n<meta property=\"og:description\" content=\"The National Assembly has passed \u2018Benami\u2019 Transactions (Prohibition) Act 2017 for the prohibition of holding property in \u2018benami\u2019 and restrict the right to recover or transfer property and provide a mechanism and procedure for the confiscation of \u2018benami\u2019 property. 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