After note ban, Modi focuses on property ownership

After demonetisation of high-value currency notes, Indian Prime Minister Narendra Modi is set to implement new rules on property ownership. On Sunday, Modi said said the government will soon operationalise a law to effectively deal with 'benami' or or proxy-owned properties. In India, 'Benami' (in Hindi means "without name") is a term used for properties that does not reflect the name of the owner. People buy properties in the name of their family members to convert unaccounted wealth into white money. He said this was a major step to check corruption and black money. "We are going to take action against the properties which are purchased in the name of others. That is the property of the country," he added.

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