Govt to introduce law to take over Benami bank accounts

ISLAMABAD: The federal government in an effort to strengthen the country’s economy has decided to introduce a revolutionary law through a presidential ordinance from January 2016.

The name of the new ordinance is, “Prohibition of Benami Bank Accounts and keeping of Benami Assets Ordinance-2016”.The new ordinance will be implemented from the date it is issued. Under this law all Be-Nami bank accounts will be confiscated by the government. In the same way, the government will seize all Be-Nami moveable and immoveable assets and take in its custody. The government before taking custody of these assets will inquire about those accounts and money from the banks and if these are proved Be-Nami the government will take hold of these assets and amounts.

However, those bank accounts that are opened by any taxpayer on the name of his wife, sons will not be termed Be-Nami accounts but the account holders will have to prove that govt taxes liable on these accounts are paid.It is hoped that following implementation of this Ordinance billions of rupees and assets will be deposited in the national exchequer.