Saudi Arabia to crackdown on benami business
- As many as 457 benami cases were registered in the country last year.
 The Kingdom of Saudi Arabia is planning a crackdown on benami businesses. As a first step, the kingdom will increase cashless transactions.Â
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Saudi Commerce and Investment Ministry hopes to control benami business by introducing a slew of measures including mandatory bank accounts for all business establishments. Bills would also be made compulsory for all purchases. Besides this, shops and other establishments will have to keep a registry of things sold.Â
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The new regulations will be applicable to small and big businesses. The ministry is also planning to  go cashless in collaboration with other departments.Â
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As per an estimation by the Saudi authorities, retail segment is the most affected by benami deals. As many as 457 benami cases were registered in the country last year.Â