New Delhi, Mar 14 (UNI) The Benami Transactions (Prohibition) Act, 1988 could not be implemented and rules can be framed only after amending certain provisions, the Lok Sabha was informed today.
In a written reply, Minister of State for Finance S S Palanimanickam said the Act could not be implemented as it contained grave infirmities.
The Rules for implementing the Act can be framed only after amending certain provision, he said.
''The areas of grave infirmities have been discussed with the Ministry of Law and have been sorted out in consultation with them.
A draft of the Bill and a draft Cabinet Note for amending the Benami Transactions (Prohibition) Act, 1998 is under preparation,'' he said.
UNI MP PDT KN1708