the Information and Broadcasting Minister Mrs. Ambika Soni said this bill wouldreplace the existing act which was adopted in 1988.
The Bill contains elaborate provisions dealing with the definition of Benami transaction and property and a procedure for implementing the law.
The government also approved the proposal for moving a constitutional amendment for enhancing reservation for women from one third to 50 percent in all Panchayati Raj Institutions.
Ms Soni said that the official amendment proposes to add word rural before the word population and it will apply to total number of seats filled by direct elections, offices by chairpersons and seats and officers of reserved seats for schedule castes and schedule tribes.
Cabinet also approved acquisition of State Bank of India commercial and international bank Ltd. by State Bank of India.
The acquisition took place on the recommendations of the Board of Directors of the two banks and the Reserve Bank of India. She said draft order of acquisition has been prepared and will be notified soon in the gazette.
The Information and Broadcasting Minister said that the Cabinet also approved for accession to the 1997 protocol for Prevention of Pollution from ships of the international maritime organisation.
In yet another decision, the Cabinet gave its nod to an amendment bill to recognise specific custom officers as proper officers for assessment of custom duties. She said the bill will be introduced in the coming session of Parliament.