The government on Thursday introduced in Parliament a comprehensive bill to clampdown on 'benami transactions'. The Benami Transactions (Prohibition) Bill 2011 provides for confiscation of such property and imprisonment.

The new bill, introduced by finance minister Pranab Mukherjee, will replace the existing Benami Transactions (Prohibition) Act, 1988 and seeks to prohibit holding property in benami. It will also provide a mechanism and procedure for confiscation of property held benami without any compensation