Blog
Govt Moves To Check Benami, Aadhaar To Be Made Must For Property Deals
In a move meant to curb benami transactions and therefore the use of black cash in realty deals, the govt. is going to build Aadhaar-based authentication necessary at the time of registration of documents like agreement purchasable, power of lawyer and can among others. The govt. has additionally firmed up plans to modify electronic registration of properties, that Aadhaar-based authentications are going to be a requirement in company formation in India.
The government plans to amend Sections thirty two and 32A of the Registration Act, 1908, for this. “Every person presenting a document at the property registration workplace for registration shall, whether or not corporal punishment or claiming beneath an equivalent, endure Aadhaar authentication in company incorporation in india.
While this can be expected to make sure foolproof property titles for the patrons, it'll additionally minimise the scope of dishonorable and benami transactions. The department of natural resource, beneath the Ministry of Rural Development, has already written to state governments and Union Territories, advising them to inform rules mandating “consent-based Aadhaar authentication” at the time of registration of documents.
The Centre is additionally going to amend the Registration Act, 1908, to produce legal backing to Aadhaar-enabled authentication of documents. Sources aforementioned drafts of the amendments are going to be sent to the Union cupboard for approval, and thenceforth to Parliament.