What is Benami Transactions (Prohibition) Act, 2016?

• The Benami Transactions (Prohibition) Amendment Act, 2016, designed to curb black money and passed by parliament in August 2016.
• Benami Transactions (Prohibition) Act, 2016
• Benami property
• The benami property refers to property purchased by a person in the name of some other person. The person on whose name the property has been purchased is called the benamdar and the property so purchased is called the benami property.
• The person who finances the deal is the real owner.
• Under the bill, the term “property” will cover movable, immovable, tangible and intangible properties. In case of joint ownership of property, the tax payer will have to show financing sources.
• Persons indulging in benami transactions may face up to 7 years’ imprisonment and fine.
• The act Provides for an Appellate Tribunal to hear appeals against any orders passed by the Adjudicating Authority.
•  Appeals against orders of the Appellate Tribunal will lie to the high court.
• The special court should conclude the trial within six months from the date of filing of the complaint.

World’s longest temple ropeway at Junagadh

• PM launched the world’s longest temple ropeway project at Girnar in Junagadh.
• The Rupees 130 crore project will attract more tourists and pilgrims to this historical place which will boost employment opportunities.
• Girnar ropeway project consists a total of 25 cabins and is of 2.3 kilo meters length and 900 meters height.
• It operates at a capacity of 800 passengers per hour and 8000 per day.
• In addition to this, the ropeway will also provide a scenic view of the lush green beauty surrounding the Girnar mountain.

Country’s biggest cardiac hospital in Ahmedabad

• Prime Minister Modi e-dedicated country’s biggest cardiac hospital at U.N. Mehta Institute of Cardiology and Research Center
• Along with that he launched a Mobile Application for tele-cardiology at Civil Hospital campus in Ahmedabad.
• The new facilities have been set up at the cost of Rupees 470 crore, which has increased the existing 450 beds to 1251 beds, 531 cardiac ICU beds, 15 cardiac modular operation theaters and 6 cardiac cath labs.
• Efforts are being made to connect every village with better health facilities. He said under Ayushman Bharat, 21 lakh people from Gujarat have received treatment.

Kisan Suryodaya Yojana

• Prime Minister Narendra Modi launched the Kisan Suryodaya Yojana in Gujarat
• It is for providing 16 hours of power supply to farmers.
• Under this scheme, farmers will be able to avail power supply from 5 AM to 9 PM.
• The state government has allocated a budget of Rs.3500 crore for installing transmission infrastructure under this scheme by 2023.

Pakistan on FATF Grey List

• The Financial Action Task Force (FATF) decided to keep Pakistan on its “grey list”, saying that the country has failed to act on six key mandates.
• The FATF urged Pakistan to complete an internationally agreed action plan by February 2021.
• The FATF had placed Pakistan on the grey list in June 2018 and asked Islamabad to implement a plan of action to curb money laundering and terror financing by the end of 2019, but the deadline was extended later on due to Covid-19 pandemic.
• If Pakistan continues in the ‘Grey List’, it will be difficult for the country to get financial aid from the IMF, the World Bank, the ADB and the European Union.
• Financial Action Task Force
• It is an inter- governmental body established in 1989 on the initiative of the G7.
• Its Secretariat is located at the Organization for Economic Cooperation and Development (OECD) headquarters in Paris.
• Its membership includes 39 jurisdictions.
• The FATF is a global watchdog that was founded to tackle money laundering initially but its role became prominent post the 9/11 terror attacks.
• Following the attacks, the FATF expanded its operations and included terror financing under its purview.

Current COVID19 Situation in India

QUIZ TIME

World’s longest temple ropeway is located in:

1. Junagadh
2. Ahmedabad
3. Jaipur
4. None of the above

Answer – A

Financial Action Task Force established in:

1. 1990
2. 1989
3. 2000
4. 2010

Answer – B

Secretariat of Financial Action Task Force is located at:

1. Paris
2. Washington DC
3. New York
4. Kathmandu

Answer – A

Question of the Day

What is Project Snow Leopard?

Answer in next session…