Prime Minister Narendra Modi has rightly read the riot act to benami depositors. The most talked about case of benami transactions in recent times was the case of Adarsh Society, where 35 flats were reported to be owned in benami. Ironically, till recently, there was never an effective law to check the menace of benami. Way back in 1972, the then government had requested the Law Commission to frame a law to fight benami. It was only last month that the Parliament enacted an effective Benami Transactions (Prohibition) Amendment Act, which came into force from November 1, a week before the demonetization announcement.

Source: dna November 29, 2016 02:33 UTC