<p class="title">Jammu and Kashmir Governor Satya Pal Malik-led State Administrative Council (SAC) on Sunday approved a bill to tackle benami transactions, an official spokesperson said.</p>.<p class="bodytext">Benami transactions are those which are made under a fictitious name, or the owner is not aware of the ownership of a property, or the person paying for a property is not traceable.</p>.<p class="bodytext">The Jammu and Kashmir Prohibition of Benami Property Transactions Bill, 2018, is a comprehensive law aimed at tackling benami transactions in the state, the spokesperson said.</p>.<p class="bodytext">It provides for the creation of a requisite administrative structure for enforcement of the law and empowers the designated authorities to attach and confiscate any property which is held to be benami, he said.</p>.<p class="bodytext">The spokesperson said the penal provisions incorporated in the bill provide for imprisonment of not less than a year, which may be extendable up to seven years, for persons found guilty of benami transactions.</p>.<p class="bodytext">Besides, a fine equivalent to 25 per cent of the market value of the benami property can also be imposed, he said.</p>.<p class="bodytext">In another decision, the SAC also approved the Code of Civil Procedure (Amendment) Bill-2018.</p>.<p class="bodytext">The bill seeks to introduce such provisions in the Code of Civil Procedure, Samvat, 1977, which will help in the disposal of cases in a time-bound manner, the spokesperson said.</p>.<p class="bodytext">He said these provisions relate to fixing a time-frame for filing a written statement and forfeiture of the right of a defendant to file written statements after the prescribed period.</p>.<p class="bodytext">These modifications are aimed at speedy disposal of civil cases in courts which tend to linger on unnecessarily. Litigants will save time and costs, he added.</p>
<p class="title">Jammu and Kashmir Governor Satya Pal Malik-led State Administrative Council (SAC) on Sunday approved a bill to tackle benami transactions, an official spokesperson said.</p>.<p class="bodytext">Benami transactions are those which are made under a fictitious name, or the owner is not aware of the ownership of a property, or the person paying for a property is not traceable.</p>.<p class="bodytext">The Jammu and Kashmir Prohibition of Benami Property Transactions Bill, 2018, is a comprehensive law aimed at tackling benami transactions in the state, the spokesperson said.</p>.<p class="bodytext">It provides for the creation of a requisite administrative structure for enforcement of the law and empowers the designated authorities to attach and confiscate any property which is held to be benami, he said.</p>.<p class="bodytext">The spokesperson said the penal provisions incorporated in the bill provide for imprisonment of not less than a year, which may be extendable up to seven years, for persons found guilty of benami transactions.</p>.<p class="bodytext">Besides, a fine equivalent to 25 per cent of the market value of the benami property can also be imposed, he said.</p>.<p class="bodytext">In another decision, the SAC also approved the Code of Civil Procedure (Amendment) Bill-2018.</p>.<p class="bodytext">The bill seeks to introduce such provisions in the Code of Civil Procedure, Samvat, 1977, which will help in the disposal of cases in a time-bound manner, the spokesperson said.</p>.<p class="bodytext">He said these provisions relate to fixing a time-frame for filing a written statement and forfeiture of the right of a defendant to file written statements after the prescribed period.</p>.<p class="bodytext">These modifications are aimed at speedy disposal of civil cases in courts which tend to linger on unnecessarily. Litigants will save time and costs, he added.</p>