Daily Times

An adjudicating authority has been established by the federal government that will launch a crackdown against all individuals who have not declared their assets under the Benami Act, a private TV channel reported.

According to a notification issued by the government, the three-member authority will start exercising its powers from July 1, 2019. The government has taken the step to curb benami transactions.

Jameel Ahmed, a grade-22 retired officer of the Pakistan Administrative Service, has been notified as chairman of the Adjudicating Authority. Other two members are Tanveer Akhtar and Khaqan Murtaza.

In the preliminary phase, officers have been appointed in Karachi, Lahore and Islamabad zones for the purpose under the relevant laws. The Federal Board of Revenue (FBR) has established an administrative structure to implement the Benami Act and the Adjudicating Authority will take action against benami holders of bank accounts or properties.

A person, if failed to declare his benami properties, will be held accountable under the Benami Act, 2017, after June 30.

It is pertinent to mention here that the assets declaration scheme launched by the government expires on July 3.