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Difference between revisions of "Benāmi (India)"
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While ''benāmi'' transactions remain commonplace, very little research has been conducted into the nature and importance of such transactions in the present day. Recently, as the Government of India has set its focus on curtailing the flow of ‘black money’ (defined as income from undeclared illegally earned sources) into the country, ''benāmi'' transactions have received renewed attention from the Indian legislature. A new Bill to limit the instances of such transactions and make them more visible was introduced by the Indian parliament in August 2015 (Deshpande 2015<ref>Deshpande, T. 2015. 'Bill Summary- Benami Transactions.pdf.' PRS Legislative Research. http://www.prsindia.org/uploads/media/Benami/Bill%20Summary-%20Benami%20Transactions.pdf.</ref>; The Hindu 2015<ref>The Hindu. 2015. 'Tackling Benami Deals,' May 22. http://www.thehindu.com/features/homes-and-gardens/tackling-benami-deals/article7235410.ece.</ref>). | While ''benāmi'' transactions remain commonplace, very little research has been conducted into the nature and importance of such transactions in the present day. Recently, as the Government of India has set its focus on curtailing the flow of ‘black money’ (defined as income from undeclared illegally earned sources) into the country, ''benāmi'' transactions have received renewed attention from the Indian legislature. A new Bill to limit the instances of such transactions and make them more visible was introduced by the Indian parliament in August 2015 (Deshpande 2015<ref>Deshpande, T. 2015. 'Bill Summary- Benami Transactions.pdf.' PRS Legislative Research. http://www.prsindia.org/uploads/media/Benami/Bill%20Summary-%20Benami%20Transactions.pdf.</ref>; The Hindu 2015<ref>The Hindu. 2015. 'Tackling Benami Deals,' May 22. http://www.thehindu.com/features/homes-and-gardens/tackling-benami-deals/article7235410.ece.</ref>). | ||
The new bill is unlikely to end the practice of ''benāmi'' as these transactions exist where customary beliefs and practical efficiency coincide, and at the same time are reinforced by the dynamics of social structures that actually facilitate such transactions. Section 24 of the new Bill on benāmi transaction provides for the appointment of an ‘Initiating Officer’, who is entitled to investigate transactions he suspects to be ''benāmi'' (Parliamentary Legislative Research 2016<ref></ref>). The nature of ''benāmi'' transactions often makes them socially legitimate within communities, thus making it very challenging to trace such transactions; in most instances they are carried out between people connected through close family relations or complex networks of reciprocities. As the monetary value of land increases rapidly in India, the government needs to devise more strategic initiatives to regulate this practice rather than trying to ban it completely. | The new bill is unlikely to end the practice of ''benāmi'' as these transactions exist where customary beliefs and practical efficiency coincide, and at the same time are reinforced by the dynamics of social structures that actually facilitate such transactions. Section 24 of the new Bill on benāmi transaction provides for the appointment of an ‘Initiating Officer’, who is entitled to investigate transactions he suspects to be ''benāmi'' (Parliamentary Legislative Research 2016<ref>Parliamentary Legislative Research. 2016. 'PRS | Bill Track | The Benami Transactions (Prohibition) (Amendment) Bill, 2015.' http://www.prsindia.org/billtrack/the-benami-transactions-prohibition-amendment-bill-2015-3789/.</ref>). The nature of ''benāmi'' transactions often makes them socially legitimate within communities, thus making it very challenging to trace such transactions; in most instances they are carried out between people connected through close family relations or complex networks of reciprocities. As the monetary value of land increases rapidly in India, the government needs to devise more strategic initiatives to regulate this practice rather than trying to ban it completely. | ||
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