The new law to
prohibit benami transactions will come into effect from 1st of next month.
Parliament had passed the Benami Transactions (Prohibition) Amendment Act, 2016
to curb black money.
An official release
said, after coming into effect, the existing Benami Transactions (Prohibition)
Act, 1988 will be
renamed as the Prohibition of Benami Property Transactions,
PBPT, Act, 1988.The new legislation provides for seven years imprisonment and
fine for those indulging in illegal transactions.
It said, properties held benami are liable for confiscation by the government without payment of compensation.
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