Pakistan sets up panel to crack down on benami assets

1111The Pakistan government has set up a 6-member committee to crack down on the benami properties. The committee has been tasked to gather information on all illegal properties and send notices to their owners.

According to reports on Geo TV website, a Benami Information Processing Committee has been formed under the Benami Transactions Act 2017, which includes officers of grades 18 and 19 from the Inter-Services Intelligence (ISI), Intelligence Bureau (IB), Federal Investigation Agency (FIA), State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP) and Federal Bureau of Revenue (FBR). 

Members of the committee will work from their respective offices. The committee will expedite the action against benami assets and assist the authorities in the crackdown.

Benami properties are often obtained or registered in someone else's name to avoid taxes as well as other property related laws. IANS