Benami Transactions (Prohibition) Act, 1988 (name changed to Prohibition of Benami Property Transactions Act, 1988 by section 3 of the 2016 amendment) is an Act of the Parliament of India that prohibits certain types of financial transactions. The act defines a 'benami' transaction as any transaction in which property is transferred to one person for consideration paid by another person.
Aadhaar and Benami Property To find a real beneficiary of the benami property is Herculean task and that is the reason the act has yet not been implemented in India. To speed up this process the government has came up with the idea of providing cash rewards up to Rs 1 crore to the secret informers.
THE BENAMI TRANSACTIONS (PROHIBITION) AMENDMENT ACT, 2016 NO. 43 OF 2016 (10th August, 2016.) An Act further to amend the Benami Transactions (Prohibition) Act, 1988. BE it enacted by Parliament in the Sixty-seventh Year of the Republic of India as follows:— 1. (1) This Act may be called the Benami Transactions (Prohibition) AmendmentAct, 2016. (2) It shall come into force on such date as.Benami Transactions (Prohibition) Amendment Act is an important topic for the UPSC civil services exam. It is covered under the polity section of the IAS exam. Benami transactions refer to those transactions in which the real beneficiary of the transaction and the person in whose name the transaction is made are different, specifically transactions relating to properties.The existing Act was therefore renamed as Prohibition of Benami Property Transactions Act, 1988. Apart from rigorous imprisonment and fines, the Act prohibits the transfer of Benami Property from the Benamidar to the actual owner. It also allows the Govt. to confiscate Benami Property. Note that the Act covers movable as well as immovable property.
Benami property act. The meaning of Benami is without any name. A Benami property involves a property that is purchased on the name of another person. The holder of a Benami property is recognized as a benamidar. A property that doesn’t stick to the following criteria is considered towards being a Benami property as specified in the Act. 1.Read More
Amendments to Benami Transactions Act’ 1988. The Act which was passed in 1988, defined 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 amended Act of 2015, widens the definition of Benami Transactions.Read More
The prohibition of Benami Property Transaction Act, 1988 is an amendment of the older Benami transaction (prohibition) Act. 1988 and has come into force from 01.11.2016. It prohibits illegal benami transaction and provides imprisonment up to seven years and the fine for violation of the act, which may extend to 25% of the fair market value of.Read More
If a person is declared a FEO, the FEO Bill allows confiscation of the property of the accused. Lest one form the impression that this is only about black money stashed abroad, there is the Benami Transactions (Prohibition) Amendment Act of 2016, which amended the Benami Property Act of 1988 and tightened its enforcement.Read More
Property transactions where: (i) the transaction is made in a fictitious name, (ii) the owner is not aware of denies knowledge of the ownership of the property, or (iii) the person providing the consideration for the property is not traceable will also fall under Benami transaction. Under the Act, the penalty for entering into Benami.Read More
The 1988 Benami Property Transactions Act was weak — no powers of a civil court, no specific provisions for vesting of confiscated property, no appellate structure defined. The Benami Transactions (Prohibition) Amendment Act, in force since 1 November 2016, empowers authorities to provisionally attach and eventually confiscate benami properties.Read More
Benami Property Transactions Act, 1988 has been amended by the Benami Transactions (Prohibition) Amendment Act, 2016 (BTP Amendment Act). The rules and all the provisions of the BTP Amendment Act shall come into force on 1 st November, 2016. After coming into effect of the BTP Amendment Act, the existing Benami Transactions (Prohibition) Act, 1988 shall be renamed as Prohibition of Benami.Read More
The new law seeks to give more teeth to the authorities to curb benami transactions. The notification issued by the Income Tax department, stated that after coming into effect, the BTP Amendment Act, the existing Benami Transactions (Prohibition) Act, 1988, shall be renamed as Prohibition of Benami Property Transactions Act, 1988 (PBPT Act).Read More
Be that as it may, the Act prohibits “benami transactions” and disables any person from claiming that though the property stands in another’s name, he himself is the real owner. This Act, enacted as far back as 1988 by Parliament, contains a very salutary and much desired provision in section 5 which reads thus: “.Read More
Special Marriage Act-Notwithstanding anything contained in the Indian Succession Act with respect to its application to members of certain communities, succession to the property of any person whose marriage is solemnized under the Special Marriage Act and to the property of the issue of such marriage shall be regulated by the provisions of the.Read More