In today’s India, be it insurance policy, mutual fund investments, demat account, or mobile number and the like ---- linking them up with Aadhar number has become both a pervasive policy and imperative too. The government devised this scheme in an attempt to blur out corruption from the very roots. The government has since then hinted at linking immobile properties with Aadhar number. Experts suggest that of this move is implemented then there could be some serious ramification. The implementation of the benami law for instance, would become easier. The Benami Transaction Act came into force in November 2016. The time around which this happened quite visibly coincides with the demonetisation drive that caught the country in a mesh. After this enactment, the IT department has attached 475 properties worth RS 1600 Crores. The benami law has effects of real estate investment as well. Once the requirement to link Aadhar number with immovable property is enforced, then the practice of buying a property in the name of any person who does not find it would come to a half. Also, one cannot buy properties under fictitious name.
This practice would later be caught by the IT department who would verify the investments and income of the concerned person and analyse whether the person has the power to sustain the purchase he made. In die course the government may mandate all owners of immovable properties whether land or Building to furnish their Aadhar card numbers to the office of Registrar. The IT department can then put the purchase and transactions under scan to see whether an error therein. Theorists claim this is an efficient way to uproot the fictitious monetary transactions that occur at the cost of the public money.
Courtesy/By: Subhalagna Choudhury
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14 Sep 2018
