*Vijay Pal Dalmia, Advocate & Partner Vaish Associates
Advocates
Email: [email protected]
Mobile: 09810081079
&
Pavit Singh Katoch, Advocate & Principal Associate, Vaish
Associates Advocates
Email: [email protected]Mobile:
09999970810
The Benami Transactions (Prohibition) Act, 1988 was amended by
the Benami Transaction (Prohibition) Amendment Act, 2016, whereby
substantial provisions were added to the existing Act to give more
powers to the authorities to curb Benami Transactions and
confiscate Benami Properties. The Benami Transaction (Prohibition)
Amendment Act 2016, inter alia, expanding the definition
of Benami Transaction, also provides for rigorous imprisonment of
up to seven years, and a fine which may extend to 25 percent of the
fair market value of the Benami Property. It has also renamed the
Benami Transactions (Prohibition) Act, 1988 as Prohibition of
Benami Property Transactions Act, 1988. The Benami Transaction
(Prohibition) Amendment
