7-year
jail term for depositing others money into your account
The Income Tax
department has decided to slap charges under the newly enforced Benami
Transactions Act against violators that carries a penalty, prosecution and
rigorous jail term of a maximum seven years.
The Act empowers the
taxman to confiscate and prosecute both the depositor and the person whose
illegal money he or she has "adjusted" in their account.
"The person who
deposits old currency in the bank account shall be treated as beneficial owner
and the person in whose bank account the old currency has been deposited shall
be categorised under this law as a benamidar," a senior official
explained.
The Benami Act, the
official said, provides that the benamidar, the beneficial owner and any other
person who abets or induces the Benami transaction, shall be punishable with
rigorous imprisonment for a period ranging from 1-7 years.
Where the suspicion is
found to be true will be prosecuted under the Benami Property Transactions Act,
1988, applicable on both movable and immovable property, that has been enforced
from November 1 this year.
It is said that the
Department has detected over Rs 200 crore in undisclosed income after it
conducted over 80 surveys and about 30 searches in cases of suspicious usage of
the scrapped currency.
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