On Wednesday the Cabinet has approved the new Benami Transaction (Prohibition) Bill.

“The Union Cabinet has approved the new Benami Transaction (Prohibition) Bill to curb generation of black money,” said a source.

In the Budget 2015-16, at the end of February the government had announced that it would come out with a new and more comprehensive Benami Transaction (Prohibition) Bill.

The Bill provides for prosecution and aims to act as a major avenue for blocking generation and holding of black money in the form of benami property especially in the real estate.

Read the best stock quotes