Mains Paper 2: Governance | Important aspects of governance, transparency and accountability, e-governance- applications, models, successes, limitations, and potential
From the UPSC perspective, the following things are important:
Prelims Level: Particulars of the Benami Transactions (Prohibition) Amended Act, 2016
Mains Level: Important step to curb black money and related issues.
Move to curb Benami Transactions and the use of black money in Property Deals
- The government is planning to make Aadhaar-based authentication mandatory at the time of registration of documents such as agreement for sale, power of attorney,etc.
- The government has also firmed up plans to enable electronic registration of properties, for which Aadhaar-based authentication will be a prerequisite
- For this, the government is planning to amend Sections 32 and 32A of the Registration Act, 1908
- Also, the Aadhaar law allows the Central Identities Data Repository, under the UIDAI, to offer authentication services
Expected benefits of this step
- This is expected to ensure foolproof property titles for the buyers
- It will also minimise the scope of fraudulent and benami transactions
Other steps taken by the Government to curb black money in real state
- The government also enacted the Benami Transactions (Prohibition) Amended Act, 2016 last year
- This law empowers authorities to provisionally attach and eventually confiscate benami properties