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ARTICLE · 03 JANUARY 2017

Benami Transactions (Prohibition) Amendment Act, 2016

S.S. Rana & Co.
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In a regime to wash off black money from the Country, the Indian Government took another laudable leap by initiating the Benami Transactions Bill, 2015...

IndiaReal Estate and Construction
Lucy Rana
Lucy Rana
Sanchi Malhotra
Sanchi Malhotra
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Introduction:

In a regime to wash off black money from the Country, the Indian Government took another laudable leap by initiating the Benami Transactions Bill, 2015 for amending the Benami Transactions (Prohibition) Act, 1988. The Benami Transactions (Prohibition) Amendment Act, 2016(hereinafter referred to as the "Act") received the President's assent on August 10, 2016 and has come into force from November 1, 2016. The Act provides for expedite procedures to deal with benami property, authorities to execute such procedures and stringent punishment for offenders. In other words, the Act makes the erstwhile Act more executable and practicable.

There are many forms of transactions where people prefer to deal in another person's name instead of their own, either to evade taxation, to surpass property ceiling laws or to invest their black money etc. It was also a prevalent custom in traditional Hindu families to buy properties in the name of daughters, sons,

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