Adjudicating Authority to launch crackdown under Benami Act from July 1
The government has initiated this step for curbing 'benami' transactions.
ISLAMABAD (Dunya News) – The Adjudicating Authority has been established by the federal government that will launch a crackdown against all individuals who have not declared their assets under Benami Act, 2017, Dunya News reported on Sunday.
According to a notification, the three-member authority will start exercising its powers from July 1, 2019. The government has initiated this step for curbing ‘benami’ transactions.
Jameel Ahmed, a grade-22 retired Pakistan Administrative Service officer, has been notified as the chairman of the Adjudicating Authority.
Other two members are Tanveer Akhtar and Khaqan Murtaza.
Besides in the preliminary phase, officers have appointed in Karachi, Lahore and Islamabad zones for this purpose under the relevant law.
The Federal Board of Revenue (FBR) has established an administrative structure to implement the Benami Act and the Adjudicating Authority shall take action against ‘benami’ holders of bank accounts or properties.
A person, if failed to declare his/her Benami properties, he/she will be held accountable under Benami Act, 2017, after June 30.
It is pertinent to mention here that the Assets Declaration Scheme launched by the government expires today (June 30).
