The people of India got another shock from the Modi government soon after the implementation of the demonetization of currency notes. It is probably that the Indian government is going to start the E-Property Pass Book system (EPPB) from the 1st of April 2017 in order to facilitate linking people’s properties. Similar to demonetization, this initiative also aims to wipe out black money from the country’s economy.
WHY TO REGISTER?
If the policy is executed, a person cannot buy or sell any property until he/she registers his/her properties in the E-Property Pass Book. The government also wants the EPPB of people to be linked with PAN Cards and Aadhar Cards.
HOW TO REGISTER?
The owner of properties is personally required to report to the Sub-Registrar office along with his/her ownership proof where the special officer is going to enter the details of the former’s properties in EPPB. The properties of the property owner will become his/her once the properties are entered in EPPB. Emergency sellers buyers, mortgagors can do the exchange of properties at a special counter but only with total details of properties. One needs to get his/her properties entered in his/her EPPB by 31st of March, 2018. From the next day after this date, the Indian government is going to take over the properties which are not entered in EPPB data
PROS OF REGISTRATION
1) The EPPB will be linked with PAN and Aadhar via the internet. This is going to help the relevant government authorities to access the property-related information of the owners.
2) As one has to mandatorily get his/her properties entered in EPPB, therefore he/she cannot carry out any transactions on properties in black money.
3) As PAN Cards are linked with EPPB, so it would help the Income Tax Department to monitor transactions on properties which eventually will lead to higher tax revenues for the Indian government.
CONS OF REGISTRATION
1) One can’t trade in any property until he/she registers his/her properties in the E-Property Passbook. The real estate business is flourishing in India. The real estate dealers are huge in number in the country and it is going to affect their business affairs if they have to meet such strict government rules.
2) Only one year is allowed for the people in India for getting their E-Property Passbooks updated. The time allowed should have been longer considering the number of property dealers in India.
3) This initiative by the government of India may achieve success to prevent the trading of properties with black money but it is highly probable that it can’t do much as far money laundering is concerned.
There is no availability of any authentic report from any authority or mainstream media evidence about an initiative of implementing EPPB. This is to say that that there is no such evidence available that can authenticate that an official declaration is made by the Prime Minister of India regarding EPPB. Though some blogging websites have mentioned that this news has been widely circulated in Whatsapp across the country. One should not believe in such news and spread the same until he/she comes to know it from any reliable source.