Under new norms it is legal to seize benami property

New Delhi:
On this Thursday Union cabinet has approved to amend the Benami Transactions (Prohibition) Act 1988 with a new proposed law Benami Transactions (Prohibition) Bill 2011, according to this law to confiscate the benami properties will be illegible.
Speaking with scribes after the cabinet meeting, information & broadcasting Minister Ambika Soni said that “properties held by co-partners (one of two or more persons sharing an inheritance) and according to the Hindu joint family and properties held by a person in “fiduciary’’ capacity would be excluded from the definition of benami transaction. She added that “under this law if properties owned by an individual under the name of wife, sister, brother or any other legal heirs so benami transactions would be liable for dealings.”
According to the fresh reports the proposed bill is supposed to be get it final approval in the monsoon session of Parliament even though the Home Minister P Chidambaram is not favour of in this. On the other hand Finance minister Pranab Mukherjee and HRD Minister Kapil Sibal is supporting this bill very strongly.
Soni also said that “under the introduced law defaulter would be jailed for the six month and punishment would be extended to two years.”