Senate body approves Benami Transactions (Prohibition) Bill 2016

ISLAMABAD: Senate Standing Committee on Finance, Economic Affairs, Statistics and Privatization on Thursday approved the Benami Transactions (Prohibition) Bill 2016. The committee meeting was held under the chairmanship of Senator Saleem Mandviwala at the Parliament House here.

The committee discussed the Benami Transactions (Prohibition)Bill 2016 clause to clause and after completing the process the committee gave approval of Benami Transactions (Prohibition) Bill 2016. Briefing on Benami Transaction Bill, Chairman Federal Board of Revenue (FBR) Nisar Muhammad Khan said after enactment of the bill the FBR would get powers to take action against those holding properties besides taking action against the people who would provide wrong information regarding Benami properties. There are a large number of Benami bank accounts in the country and a huge number of properties are also Benami, Nisar Muhammad Khan added.

Secretary Finance Dr Waqar Masood Khan said under the new law the Benami properties holders would be held responsible and the Benami properties would be confiscated by the government. He however added that the Benami properties could be made legitimate before the enactment of the law.

The Senate committee on finance would forward its report on Bill to the Upper House before January 03, 2017. The National Assembly has already passed the Bill to provide for prohibition of holding property in Benami.