NEW DELHI: The Union Cabinet, in a meeting chaired by Prime Minister Narendra Modi, approved setting up of an appellate tribunal and adjudicating authority for speedy disposal of cases related to benami transactions, said Law Minister Ravi Shankar Prasad on Wednesday.
“The approval will result in effective and better administration of cases referred to the adjudicating authority and speedy disposal of appeals filed against the order of the adjudicating authority before the appellate tribunal,” the Cabinet said in a statement.
The adjudicating authority and appellate tribunal will be based in the National Capital Territory of Delhi, while benches of the adjudicating authority may sit in Kolkata, Mumbai and Chennai. The government said that necessary notification in this regard will be issued after consultation with the chairperson of the proposed adjudicating authority.
The government had, earlier this month, already notified sessions courts in 34 states and Union Territories, which would act as special courts for cases under the Benami Transactions (Prohibition) Act. The rules and all the provisions of the Benami Transactions (Prohibition) Amendment Act came into force on November 1, 2016.
Meanwhile, the Cabinet has also approved an memorandum of understanding between India and Singapore to constitute a joint working group on financial technology.