ARTICLE · 11 JULY 2017

Benami Transactions (Prohibition) Amendment Act, 2016 (New Legislations: October 2016 - December 2016)

Seth Dua & Associates

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The Benami Transactions (Prohibition) Amendment Act, 2016 ("Amendment Act") came into force with effect from November 01, 2016.

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Benami Transactions (Prohibition) Amendment Act, 2016

The Benami Transactions (Prohibition) Amendment Act, 2016 ("Amendment Act") came into force with effect from November 01, 2016. The Amendment Act seeks to amend the provisions of the Benami Transactions (Prohibition) Act, 1988 ("Principal Act") to curb the issues of black money and money laundering in the country.

The Amendment Act:

has renamed the Principal Act as Prohibition of Benami Property Transactions Act, 1988 ("New Act");
has tried to give a comprehensive definition of benami transactions clearly setting out the transactions to be excluded from the definition;
provides for establishment of adjudicating authorities; setting up of appellate tribunal and power of Central Government to designate one or more Courts of Session as Special Courts for speedy and smooth trial of offences punishable under the New Act; and

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