Sir, June 24 -- Our prime minister intends to constitute an 'inquiry commission to look into ballooning of debt burden during the past ten years. Let it cover inter-related benami, money-laundering or other pseudo-financial transactions also.
Under the benami Transactions (Prohibition) Act, those found cosseting in benami transactions will their properties confiscated, fined and imprisoned - Fine equivalent to twenty-five percent of the fair market-value of the property, and imprisonment up to seven years. Benami Property is defined as 'assets of any kind, whether movable or immovable, tangible or intangible, corporeal or incorporeal and includes any right or interest or legal documents or instruments evidencing title to or interest in the...