Federal Board of Revenue has issued SRO 326(1)/2019 dated March 11, 2019
The Federal Board of Revenue Government of Pakistan Revenue Division in exercise of powers conferred under section 61 of the Benami Transactions (Prohibition) Act, 2017 ( V of 2017) made Benami Transactions (Prohibition) Rules, 2019 issued through SRO 326 (1) 2019 dated 11th March 2019. Salient features of the rules are as under;
The rules were made to address following main issues;
- Procedure for Determination of prices in certain cases (for example valuation of confiscated properties).
- Appointment of chairperson and members of Adjudicating authority
- Terms & conditions of service of the chairperson and members of the adjudicating authority.
- Provisional attachment of property
- Procedure for confiscation of property, valuation and disposal of confiscated properties.
- Management of confiscated properties.
- Procedure for appeal to the appellate tribunal
- Terms & conditions & terms of appointment of members of the Federal Appellate tribunal, removal of chairperson and members of FAT.
- Procedure for rewarding the whistleblowers and limits of rewards.
- First schedule describing;
- the requirements of management of confiscated properties,
- maintenance of register of Confiscated properties,
- form of appeal to FAT, declaration and undertaking
Link of Document