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ARTICLE · 05 JUNE 2019

Whether Cash Transactions During Demonetization Period Per-Se Fall Under The Scope Of Benami Act?

Vaish Associates Advocates
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Under The Benami Transactions (Prohibition) Act, 1988, the scope of benami transaction was very limited and it used to include only those transactions in which property is transferred to one person for a consideration paid or provided by another person.

IndiaFinance and Banking
Vijay Pal Dalmia
Vijay Pal Dalmia
Rajat Jain
Rajat Jain
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By
Vijay Pal Dalmia, Advocate
Supreme Court of India & High Court
Email id: [email protected] Mobile No.: +91 9810081079
LinkedIn: https://www.linkedin.com/in/vpdalmia/
Facebook: https://www.facebook.com/vpdalmia
Twitter: @vpdalmia
And
Rajat Jain, Advocate
Email id: [email protected] Mobile No. 9953887311
LinkedIn: https://www.linkedin.com/in/rajat-jain-75772398/

Under The Benami Transactions (Prohibition) Act, 1988, the scope of benami transaction was very limited and it used to include only those transactions in which property is transferred to one person for a consideration paid or provided by another person.

However, after the advent of The Benami Transactions (Prohibition) Amendment Act, 2016 which is also be called as Prohibition of Benami Property Transactions Act, 1988 (hereinafter also referred as "2016 Act") which came on 1st November 2016, just a bit prior in time to the demonetization, the scope of benami transaction has been widened,

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