+92 21 351 55994 +92 21 351 55995

  Naming the benami deals and assets..   Clarification - Sector E-8 Phase - 8 ...   ADMINISTRATOR DHA LAHORE VISITS DHA KARACHI..    Delegation of Defence Residents Society (DRS) visited DHA Head Office ...   Auction Of Prime Residental Pilots In ...   Supreme Court Lifts Ban on High-Rise Buildings in Karachi – December 2018..   ANNUAL SPORTS DAY AND PRIZE DISTRIBUTION CEREMONY - DHACSS NEELUM CAMPUS..   As per orders of Supreme Court all payments...   DHA Suffa University Admission Open For Spring 2019..   Dha City karachi 7 facts ..   GROUND BREAKING OF BANQUET HALL - DA SUNSET CLUB..   Nadra begins accepting applications for Naya Pakistan Housing Programme..   Brigadier Ibrar Hussain Bhatti appointed as new DHA Karachi Administrator..   FBR zeroes in on real estate transactions..   Use Of Phone In BTK-Head Office..   PTI’s Arif Alvi elected 13th President of Pakistan..   DHA City – Petrol Pump Under Construction At CBD Main Boulevard..   Student Performance at DHA Suffa University..   BRILLIANT ACADEMIC PERFORMANCE - DA MODEL HIGH SCHOOL PH-IV ..   GROUND BREAKING CEREMONY OF DCK INTERCHANGE ON M-9 ..   ISLAMABAD: Barely two days before the tax amnesty scheme is due for expiration..   KARACHI: Accountability Court has granted physical remand of accused Muhammad Kamran..   Supreme Court of Pakistan has allowed Bahria Town to continue..   Charity work cannot be done by bribing people, chief justice schools Malik Riaz..   Drainage waste destroyed marine life..   Benefit For Sector 3 Plot Owners..   The management of bahria town karachi is pleased to announce..   Bahria Town Karachi Balloting Results – 10th May 2018..   SC bars Bahria Town Karachi from selling, allotting plots; DHA in cross hairs..   A candy-coated budget by Miftah Ismail on Friday announced..     Crux of fy budget 2018-19 for Real Estate..

Naming the benami deals and assets

  • The assets consulltants real estate Karachi

CHANGING established practices that have served the nexus of power is not easy, especially in Pakistan. Therefore, the success of progressive changes inserted in the legal framework will depend on civil awareness and the public’s demand to follow through with them.

The country made a long overdue move last week towards greater transparency, credibility and reliability by enacting the Benami Transaction (Prohibition) Law.

The fact that it took the country a good 16 years, after it decided to shun the benami system (where the real owner of an asset is undisclosed) in 2003, reflects the hold and influence of the beneficiaries on the opaque framework of the state structure.

The mighty elite have yet to digest the radical change in the legal framework and make adjustments to shield its undeclared assets.

The move, market watchers expect, will spark fear when the full implications of the Benami law are understood. They foresee a fall in property prices going forward as benami holders rush to dump their assets in the market to ward off the risk of confiscation.

“I anticipate a surprisingly rich haul from this move,” an expert commented referring to expected action against benami bank accounts.

There is little doubt that if implemented diligently the said law can minimise and, over time, eliminate the abuse of a loophole (benami) in the legislative framework. This has traditionally been used to conceal wealth and its movement, presumably to evade tax and/or obscure illicit purposes.

Market watchers foresee a fall in property prices as benami holders rush to dump their assets in the market to ward off the risk of confiscation.

The relevant circles in Islamabad declined to quantify the possible impact of the said law in terms of unearthing hidden wealth which has been parked in bank accounts and property.

The hierarchy was not able to offer a convincing response on how the Federal Board of Revenue (FBR), that has failed to perform its basic function (revenue collection), will shoulder the additional responsibility of identifying rogue owners of accounts and properties in the country.

Experts believe the process initiated by the enactment of the law will take about a year before justice is served on owners of benami fixed or liquid assets. “The fate of properties and accounts attached in the initial phase will set the tone and establish the efficacy of the exercise,” commented a senior officer in the FBR.

The Assets Consultants

    Office # 1, Plot # 45-D, Muslim Street # 1
    Muslim Commercial Area, DHA Phase VI
    Karachi.       +92 21 3 515 5994       +92 21 3 515 5995

Contact UsHave a Question? We'll Answer You.