New Delhi: The Lok Sabha has passed the Benami Transactions (Prohibition) Amendment Bill, 2015.

The Bill seeks to amend the definition of benami transactions, establishes adjudicating authorities and an Appellate Tribunal to deal with benami transactions.

It also specifies prosecution and penalty for entering into benami transactions.

Earlier, moving the Bill, Finance Minister Arun Jaitley said it will amend the Benami Transactions Prohibition Act- 1988 and properties which were acquired in the form of benami transactions will fall under it ambit.

He said, the purpose of the bill is to discourage the activity of acquiring the properties in the name of fictitious and other people.

The Minister said the legislation has the provision of confiscating such benami assets.

Mr. Jaitley added the bill is predominantly an anti- black money measure.