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| May 10, 2005 | Tuesday | Rabi-us-Sani 1, 1426 |
Benami laws need to be streamlined: PM’s adviser
ISLAMABAD, May 9: Adviser to Prime Minister on Economic Affairs Dr Salman Shah has directed the finance division to streamline the draft of Sindh government regarding Benami Property Laws so that a consensus could be achieved and legislation might be done by all provinces. The provinces are required to consider the law relating to agriculture land and other properties, he said, adding that the federal government would consider legislation in consultation with all relevant quarters.
He along with senior provincial revenue officials reviewed the prevalent practices and regulations applicable in case of ‘Benami properties’ including movable, immovable and agriculture land.
Provincial ministers and representatives of the Punjab and Sindh governments apprised the adviser of progress on the draft law on the subject.
Such properties are held in the name of other persons or these are ownerless properties. The need for a uniform law on the subject has arisen to curb tax evasion, check money laundering and monitor transfer of funds to terrorist organizations.—APP
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