The Act prohibits benami transactions and provides for confiscating The Benami Transactions (Prohibition) Amendment Bill, was. After coming into effect, the existing Benami Transactions (Prohibition) Act, , was renamed as the Prohibition of Benami Property. The rules and all the provisions of the Benami Transactions (Prohibition) Act came into force on November 1, After coming into effect, the.
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The Bill seeks to amend the Benami Transactions Act, The Act prohibits benami transactions and provides for confiscating benami properties. The Bill seeks to: Printable version Jan 1, 4: Internet Desk July 21, August 02, The Bill amends this definition to add other transactions which qualify as benami, such as property transactions where: These include cases when a property is held by: The Bill seeks to establish four authorities to conduct inquiries or investigations regarding benami transactions: The Initiating Officer may hold the property for 90 days from the date of issue of the notice, subject to permission from the Approving Authority.
All you need to know about benami transactions Bill – The Hindu
At the end of the notice period, the Initiating Officer may pass an order to continue the holding of the property. The Adjudicating Authority will examine all documents and evidence relating to the matter and then pass an order on whether or not to hold the property as benami.
Appeals against orders of the Appellate Tribunal will lie to the high court. Cat Articles Lok Sabha passes Bill to check benami transactions. This article is closed for comments.
Please Email the Editor. The Act defines a benami transaction as a transaction where a property is held by or transferred to a person, but has been provided for or paid by another person.
The Bill also specifies certain cases will be exempt from the definition of a benami transaction.
Under the Act, an Authority to acquire benami properties was to be established by the Rules. If an Initiating Officer believes that a person is a tranasctions, he may issue a notice to that person.
If an order is passed to continue holding the property, the Initiating Officer will refer the case to the Adjudicating Authority.
Based on an order to confiscate the benami property, the Administrator will receive and manage the property in a manner and subject to conditions as prescribed.
The Bill also seeks to establish an Appellate Tribunal to hear appeals against any orders passed by the Adjudicating Authority. Under the Act, the penalty for entering into benami transactions is imprisonment up to three years, or a fine, or both.
Certain sessions courts would be designated as Special Courts for trying any offences which are punishable under the Bill.