WEB DESK: The National Assembly Monday unanimously passed five bills including “Benami Transaction (Prohibition) Bill, 2016, Companies (Appointment of Legal Advisers) (Amendment) Bill, 2016 and Hindu Marriage Bill, 2016.” Parliamentary Secretary for Finance Rana Muhammad Afzal Khan tabled “Benami Transaction (Prohibition) Bill, 2016 and Companies (Appointment of Legal Advisers) (Amendment) Bill, 2016 while Federal Minister for Human Rights Kamran Michael moved the Hindu Marriage Bill, 2016 in the Lower House of the Parliament for passage. The House unanimously passed the bills.
According to Benami Transaction (Prohibition) Bill, 2016, “the assets, which are taken through illegally-earned money, cannot be used for tax evasion or something more serious like financing terrorism. This law will deal with the problem of tax evasion and black money especially in the real estate sector, and to target transactions that are carried out in other people’s names. One of the major objectives of the proposed bill is to put an end to benami transactions and to empower the government to recover such property. By defining benami transaction, the legislature intends to prohibit all persons from entering into such transactions. The bill further seeks to ensure that if any person enters into benami transaction in order to evade tax or avoid payment to creditors, the ultimate beneficial owner and persons who abet or induce any person to undertake such transaction will suffer rigorous punishment.
The bill seeks to strengthen the law through empowering provisions prohibiting holding property as benami and restrict the right to recover or transfer property held in benami. The bill further seeks to establish Adjudicating Authority, setup Appellate Tribunal and specify the penalty for entering into a benami transaction and provision for confiscation of benami properties.
The Purpose of Companies (Appointment of Legal Advisers) (Amendment) Bill, 2016 is to amend the Companies (Appointment of Legal Advisors) Act, 1974 to ensure compliance and better regulation of the law. The Commission shall be able to take timely cognisance of the violation of the provisions of the Act, rules or regulations made there under and impose penalty. Appeal process has also been provided. Besides, it will also give reprieve to small size companies from the mandatory requirement of appointing
The objectives of Hindu Marriage Bill, 2016 is to provide legal cover to the marriages of Hindu community. It will provide a legal framework to the marriages in minority community including matters relating to the registration of marriages, divorce and forced conversions etc. It will provide a special form of marriage and divorce among Hindu. This law would be applicable to every person who is Hindu by religion in any of its forms The National Assembly also passed “The Islamabad High Court (Amendment) Bill, 2016 and The Civil Courts (Amendment) Bill, 2016.”
Source : Business Recorder