Govt to intensify efforts against ‘Benami’ transactions: Kajla

Source: The Hitavada      Date: 30 Apr 2018 12:34:10


Business Bureau

THE Income-Tax Department is keeping a watch on everyday transactions through various channels to identify Benami Transactions said Jairaj Kajla, Principal Director of Investigation, Income-Tax Department. He was speaking at a seminar on ‘Prevention of Money Laundering Act, 2012 and Benami Transactions (Prohibition) Amendment Act, 2016’ organised by the Nagpur Branch of Institute of Chartered Accountants of India.

He said that violations under the amended Act invites criminal prosecution and rigorous imprisonment upto seven years. Kajla cautioned the members that the Act is bit harsh in terms of the consequences of a transaction being identified as ‘Benami’ which everyone should be aware of. He said that the Income-Tax Department is focusing on identifying such Benami transactions through various technological modes. The I-T Department is continuously receiving various ‘Suspicious Transaction Reports’ from various sectors from all over the country which is being monitored for identifying persons involved in Benami Transactions.

He elaborated that under the Benami Transactions (Prohibitions) Amendment Act 2016 entire property can be confiscated by the I-T Department without any compensation to the aggrieved persons. Furthermore, due to the intensive efforts of the department, various cases have been identified and provisional attachments have already been made of assets such as land, flats, shops, fixed deposits, etc.Chairman CA Umang V Agrawal said that there are huge professional opportunities for CAs by way of representing clients under both the Acts. He requested the members to guide the general public so that a genuine person is not adversely affected by the harsh provisions of the Acts.

CA Abhijit Kelkar, Regional Council Member, congratulated the Nagpur Branch in organising a seminar on a crucial subject. In the technical session, CA Sudhir Baheti shed light on Benami Transactions (Prohibition) Amendment
Act, 2016. CA Kailash Jogani, elaborated about the provisions of PMLA. He dealt with the provisions of PMLA with illustrative examples. He also discussed about schedule of offences. He said that the Act, has been extended to whole of India including J&K. He said, “Money laundering is basically conversion of money earned through crimes, smuggling and illegal money as legal money”. SPG Mudaliar, Addl Director of Investigation was also present on the occasion. The programme was coordinated by Vice Chairman CA Suren Duragkar.

Prominently present were Secretary CA Kirit Kalyani, Treasurer CA Saket Bagdia, Executive Member CA Sanjay Agrawal, CA Naresh Jakhotia, CA Mahendra Jain, CA Prem Ashutosh, CA R D Parakh, CA Rajeev Sawangikar and others.