Union Cabinet approves a proposal to introduce amendments to the Benami Transaction (Prohibition) Amendment Bill, 2015 in Parliament

The Union Cabinet has approved a proposal to introduce amendments to the Benami Transactions (Prohibition) Amendment Bill, 2015 in Parliament. The legislation is intended to effectively prohibit benami transactions and consequently prevent circumvention of law through unfair practices.

It empowers the Government to confiscate benami property by following due procedure. However, those who declare their benami properties under income declaration scheme will get immunity under the Benami Act.

The Cabinet also cleared introduction of the Transgender Persons (Protection of Rights) Bill 2016 in Parliament. The Bill will benefit a large number of transgender persons, mitigate the stigma, discrimination and abuse against this marginalized



section and bring them into the mainstream of society.

The Cabinet has also given its approval for establishment of a new All India Institute of Medical Sciences at Gorakhpur in Uttar Pradesh at a cost of one thousand 11 crore rupees. The institution will have a hospital with capacity of 750 beds.

The Union Cabinet has approved incorporation of Sagarmala Development Company under Companies Act with an initial authorized share capital of one thousand crore rupees. The decision has been taken to give a push to port-led economic development. The Company will provide equity support to the project Special Purpose Vehicles and funding support to the residual projects under the Sagarmala Programme.