November 8th is a day which will never be forgotten by the corrupt of India. Modi government is all set to celebrate this historic day on which demonetization was announced but not as you think. Yes, PM Modi is planning to mark this day with yet another historic move which will demolish the remaining corrupts in India.
On November 4th, PM Modi hinted that his government is working to give a major blow to the ‘Benami’ asset holders in India.
“The time has come to return to the poor what had been robbed of them…. I am going to create a situation that they (Congress leaders) would not be able to reclaim their benami assets”.
This was the fierce statement made by PM Modi and it is apparent that he does what he says. So the experts are speculating that this move will be announced on the first anniversary of demonetisation.
While the Congress led opposition is preparing to celebrate November 8th as ‘Black Day’ as they lost their hard earned illegal money due to demonetisation, PM Modi mocked at Congress saying that it was actually a ‘Black Money Day’ for them.
PM Modi said benami assets like land, flats, shops will not be spared!!!
“Their worry is that the benami assets like land, flats, shops they have kept hidden like Rs 500 and Rs 1000 notes are not going to be spared. Therefore, they are creating an atmosphere so that before Modi raises a storm over benami assets, they observe blackmoney day and mislead the people”, he said.
“I am going to create a situation that they would not be able to reclaim it. This is people’s money. This has been robbed of the masses and would be used for their welfare”, he further added.
What is a ‘Benami Property’?
Benami transaction is one in which some property is purchased in the name of some other, who appears to be the owner ostensibly, but in fact the property is for the benefits of the person who paid the money for the purchase.
The reason many people engage in such transactions is because they have unaccounted or black money. Since the money which has been used for purchase of the property is black money and they cannot purchase it in their own name, thus comes in the role of ostensible owner, or the Benamidaar.
The Benami transactions are illegal in India as per the Benami Transactions (Prohibtion) Act, 1988.
Credits: Shubh Sharma