Benami Transactions (Prohibition) Act, is an Act of the Parliament of India that prohibits To address these deficiencies, several years later, in , the Govt of India introduced “Benami Transactions (Prohibition) Bill, “. Benami Transactions (Prohibition) Bill, Purpose: To prohibit holding property Benami and restrict the right to recover or transfer such property. THE BENAMI TRANSACTIONS (PROHIBITION) ACT, An Act to prohibit benami transactions and the right to recover properly held benami and for.
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These include cases when a property is 201 by: The act came into force on 5 September All the authorities established under this Act shall have same powers as are vested in a civil court for the purpose of :. Retrieved 26 July Defined under Section 4 9a benami transaction means any transaction which is transferred to or held by one person, but the consideration for it is paid by another.
Benami Transactions (Prohibition) Act, 1988
The Bill provides that the Adjudicating Authority and the Appellate Tribunal established under the Prevention of Money laundering Act,shall also be the same for the purposes of this Act. Any person aggrieved by the judgment of the Adjudicating Authority may file an appeal with the Appellate Authority. The Bill amends this definition to add other transactions which qualify as benami, such as property transactions where: These provisions do not apply to any transaction entered into by an individual in the name of his spouse, brother or sister, or any lineal ascendant or descendant may not be considered benami.
Any person who enters into benami transactions, or abets or induces another person to enter into such transactions shall be punishable with an imprisonment for six months to two years, and liable to a fine of up to 25 per cent of the fair market value of the property held in benami.
A benamidar is a person or fictitious person in whose name the property is held or transferred.
All you need to know about benami transactions Bill
The Judicial Member must have been a Member of the Indian Legal Service and must have held the post of Additional Secretary or equivalent post in that Service, and an Administrative Member must have been a Member of the Indian Revenue Service and must have held the post of Chief Commissioner of Income-tax or equivalent post in that Service.
Updated versions were therefore passed in andseeking transacctions more comprehensively enforce the prohibitions. Retrieved 17 February The Times Of India. The Initiating Officer may issue a notice, after the approval from the Approving Officer, to provisionally attach any property, which he has reason to believe is held benami. Skip to main content.
If the Initiating Officer has reason to believe that a property is held benami, he may issue a notice to the benamidar and call for documents and reports for inquiry. The act is clearer and has stringent punishments for offenders. Retrieved from ” https: An Act to prohibit benami transactions and the right to recover property held benami and for matters connected therewith or incidental thereto.
Thereafter, the Government notified the provisions of the act to come into force from 1 November Any person aggrieved by an order of the Adjudicating Officer shall appeal to the Appellate Tribunal. 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.
However, the act was criticised owing to the several loopholes it had. If an Initiating Transacgions believes that a person is a benamidar, he may issue a notice to that person.
In addition, no person shall be able to re-transfer such property to the beneficial owner. However, the bill failed to pass.
The Benami Transactions Prohibition Act, An Act to prohibit benami transactions and the right to recover property held benami and for matters connected therewith or incidental thereto.
Due to various loopholes and no proper notification, it was vill failed legislation and therefore new bill to repeal and replace The act was proposed before the parliament. The Adjudicating Officer, after hearing the person whose property is attached, may make an order for the confiscation of the property held benami.
The Bill seeks to amend the Benami Transactions Act, The Administrator shall have the power to receive and manage the property which has been confiscated. Please Email the Editor.
The government led by the then Prime Minister Manmohan Singh introduced The Benami Transactions Prohibition Bill in the year before the parliament to repeal The Act, however, the bill was not passed by the parliament due to lack of support by the members of parliament.
It shall have the powers of a civil court while trying matters with respect to :.
The Bill also specifies certain cases will be exempt from the definition of a benami transaction. What updates do you want to see in this article?
The Benami Transactions (Prohibition) Bill, | PRS
August 02, To address these deficiencies, several years later, inthe Govt of India introduced “Benami Transactions Prohibition Bill, “.
We will call you within 2 prohibittion hours. In addition, any person who wilfully gives false information shall be liable to an imprisonment of three months to two years and a fine of up to 10 per cent of the market value of the property.