PM Narendra Modi ensures law on benami properties

Updated: Dec 26, 2016, 10:31 IST | Agencies

PM said the law that was framed earlier, has been retrieved and turned into an incisive law; he also launched two schemes for traders and customers to promote mobile banking and e-payments 

New Delhi: Vowing to carry forward the war against corruption and black money post-demonetisation, Prime Minister Narendra Modi yesterday said the government will soon operationalise a strong law to effectively deal with ‘benami’ properties.

Making his last monthly address this year in his “Mann ki Baat” programme, he defended the frequent changes in the rules of demonetisation, saying these have been done to reduce the people's problems and defeat such forces who are out to thwart his government’s fight against black money and corruption.

Modi talked about the Benami Property law that came into being in 1988, but neither its rules were framed, nor was it notified and laid dormant for years. “We have retrieved it and turned it into an incisive law against ‘Benami Property’. In the coming days, this law will also become operational. For the benefit of the nation, for the benefit of the people, whatever needs to be done will be accorded our top priority,” he said.

New schemes
Modi also unveiled two schemes — Lucky Grahak Yojana and Digi Dhan Vyapaar Yojana – for customers and traders alike to promote mobile banking and e-payments.

Modi said that today (yesterday) as a Christmas gift, 15,000 people will get rewards through a draw system, whereby each of the 15,000 winners will have R1,000 in their accounts.

Talking about the Digi Dhan Vyapaar Yojana, which is mainly for traders and businessmen, Modi said traders should adopt this scheme themselves and encourage their customers too in order to make their business cashless.

“Such traders will also be rewarded separately and there would be thousands of these rewards,” he said.

FM on less-cash economy
It is in the interest of every country that it becomes less-cash economy and a lot has been written about this, Finance Minister Arun Jaitleysaid yesterday.

Making a pitch that the less-cash economy will help strengthen government finances, the minister explained that the higher tax buoyancy leads to lower deficit so that allocation towards rural infrastructure and defence can be increased.

One of the evils of the cash economy is the low revenue realisation of the government and higher deficit, he pointed out. The current Budget size is Rs 20 lakh crore and the government's revenue from both direct and indirect taxes is R16 lakh crore, leaving a gap of about R4 lakh crore. If revenue realisation is higher, the government has more opportunity to spend on development and future generation is also not unduly burdened with debt, Jaitley reasoned.

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