Must Read: E-Property Pass Book EPPB Whatsapp Message on Benami Properties by Modi Govt. in India – Authentic or FAKE News?
[NoCache]There is a Whatsapp message roaming around about launch of (EPPB) E-Property Pass Book for curbing Benami Properties by Modi Government. Whether this Whatsapp message is Authentic or a FAKE News?
According to the news which is being circulated through Whatsapp and other social media, the government will not allow any property registrations unless the property exists in EPPB(E-Property Pass Book). Like our Bank pass books, this book will give the details of our property holdings. For any property dealings,sale or purchase, this pass book will have to be presented in the sub registrar office. Every Indian Citizen will have to submit their property details wef. 1st April 2017 to the Sub Registrar office, where officers will verify the property and enter them into the owners E – Property Pass Book (EPPB). The duration of this process will be from 1st April 2017 to 31st March 2018. The government will acquire all the properties that are not in the EPPB(E-Property Pass Book) after 31.03.2018. People can sell, buy or exchange only those properties that are reflected in the EPPB(E-Property Pass Book). EPPB(E-Property Pass Book) will also be linked to the PAN and Aadhar therefore people cannot evade tax once they sell their property. Thus all the Benami properties held in India will be under the Government. To achieve this, the year 2017 will be a non-transaction year for land and house properties.
However, This may not be entirely fake. It has been recommended earlier by the BJP Government in 2016. If EPPB is implemented, it will be a good measure to further bring down the black money. Although the infrastructure may not be equipped to currently handle this, yet EPPB(E-Property Pass Book) could very well be implemented the way Demonetization has been implemented. If EPPB(E-Property Pass Book) is implemented, lots of encroached lands will be freed up by the government. This will give a blow to Land mafia and people who have made such a huge amount of real estate with black money.
Prime Minister Narendra Modi on 13th November 2016 had stated:
“This government does not want to bother honest people but doesn’t want to spare the dishonest. Bear with me for 50 days. Has India been looted or not? ….. I am not going to stop at this. I will expose the history of corruption of 70 years since Independence,” Modi said. “This (demonetisation) is not an end. I have more projects in mind to make India corruption-free. …. We will take action against ‘benami’ property. This is major step to eradicate corruption and black money … If any money that was looted in India and has left Indian shores, it is our duty to find out about it,” he said in his speeches, both at Panaji in Goa and Belagavi in Karnataka.
Government has declared many a times that the Benaami Properties will soon be in trouble. The Benami Transactions (Prohibition) Amendment Act, 2016, designed to curb black money was passed by parliament in August 2016 and came into effect on 01 November 2016.
The Benami Transactions (Prohibition) Amendment Act, 2016 is an amendment of the 1988 Benami Transactions Act. The new Act provides for up to seven years’ imprisonment and fine for those indulging in such transactions, whereas 1988 Benami Transactions Act provided for up to three years of imprisonment or fine or both.
We expected that PM, Shri Narendra Modi might announce something big like EPPB E-Property Pass Book Scheme during Mann ki Baat. However, there has been no such announcement yet by Government. We still expect that there will be such kind of announcement in future maybe when PM, Shri Narendra Modi will address the nation or may be on 15th August,2017
The below mentioned message has not been stated by any Government Official as on 21 November,2016. It may be a SPAM message. There are no authentic reports from Government.There is no media evidence about the so called EPPB.
From 1/4/2017 all properties are invalid for one year.
You can’t sell or buy any property until u register your properties in the E-Property Pass book.
EPPB will be linked with PAN, Aadhar online.
Owner has to personally report with ownership proof to Sub Registrar office where spl officers will enter all your property details in EPPB.
Once it is entered in EPPB your properties will become yours.
They will have one more spl counter for emergency sellers, mortgagers, buyers where they can do exchange of properties but with full details of all properties.
Upto 31/3/2018 all properties will be entered in EPPB.
From 1/4/2018 Govt will take over the properties not entered in EPPB .
Real Estate Surgical Strike on Black Assets!
Prime Minister Narendra Modi has once again hinted at an election rally in Sundernagar on 4th November 2017 at the crackdown on ‘benami’ properties. The IT department has already started initiating actions under the new Benami Transactions (Prohibition) Amendment Act, 2016 applicable from November 1 last year. Here are 5 things you must know about benami properties:
1. Benami means any property without name. Benami property is purchased on the name of someone else. The person in whose name benami property is bought is called benamdar.
2. Benami property would include assets of all kinds like movable, immovable, tangible, intangible,gold or financial securities ,any right or interest or legal documents.
3. The person paying the amount holds the benami property through Power of Attorney or other agreements for direct or indirect benefit.
5. Benami Transactions (Prohibition) Amended Act, 2016 provides for a seven-year imprisonment and fine, replacing the three-year jail term, or fine, or both under Benami Transactions Act, 1988.