Benami property, gold next on Modi’s hit list

Benami property, gold next on Modi’s hit list
New Delhi: Prime Minister Narendra Modi gestures as he speaks at a function where he was felicitated by All India Gems and Jewellery Trade Federation (GJF) in New Delhi on Saturday. PTI Photo by Kamal Kishore (PTI7_23_2016_000207A)

Benami property, gold next on Modi’s hit list

Prime Minister Narendra Mod has definitely set war against corruption, first by demonitising Rs 500 and Rs 1000 notes and now announcing that his next target will be Benami Property holders and gold.

On a foundation laying ceremony in Goa, PM Modi said, “These steps taken were not a display of arrogance. I have seen poverty and understand people’s problems. This is not the end. I have more plans to eradicate corruption. I’m doing it for the benefit of honest people. I was not born to sit in a chair of high office. Whatever I had — my family, my home — I left them for the nation.”

He also specified that the demonitisation drive was not the only step to curb the black money and corruption but he has more such projects in the pipeline to completely eradicate malpractices from Indian system.

PM Modi clearly mentioned, “We will take action against ‘benami’ property; This is major step to eradicate graft, black money.”

On November 8, PM Modi announced the ban of Rs 500 and Rs 1000 notes, making those invalid from the midnight. It was a major and bold step to remove black money and corruption from the country.

For the records, the new Benami Property Act came into effect from November 1. It  forbids illegal benami transactions. Those indulge in such activities can end up to seven years’ imprisonment as well as penalty.

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