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A Parliamentary Panel has pitched for a "fresh Bill" to comprehensively deal with the menace of benami transactions.
This would be a better approach instead of pushing through an overhauling amendment Bill for this purpose, the Standing Committee on Finance headed by M Veerappa Moily has said.
In its report on Benami Transactions Prohibition (amendment) Bill 2015. this Panel has urged the Government to "seriously consider" whether amendments to existing income tax law would serve the purpose of legal deterrence better instead of having another related law in the statute book.
To pre-empt and eliminate benami transactions, the Panel has also suggested mandatory online registration of all immovable properties, linkage of Aadhaar number and PAN number of all parties in the transaction and sharing of data by registration authorities with central agencies like income tax department.
Stress should be laid on digitalisation of land records and it's regular updation.
There should be complete coordination and intelligence sharing between different agencies such as income tax, excise, customs, police, banks, stock exchanges, regulators such as SEBI and RBI and investigative agencies such as CBI, ED and SFIO. This aspect should be adequately reflected in the Bill, the Parliamentary Panel has suggested.
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