Benami Transactions (Prohibition) Amendment Bill

The Supreme Court on Tuesday agreed to consider the Centre's submissions for an open court hearing of its plea seeking review of the judgement by which several provisions of the Benami Transactions (Prohibition) Amendment Act, 2016 were struck down. A three-judge bench headed by then CJI N V Ramana, since retired, on August 23 last year had struck down section 3(2) and section 5 of the Benami Transactions (Prohibition) Act, 1988, and one of the provisions which provided for the punishment of a maximum jail term of three years or a fine or both for those indulging in benami' transactions. The top court had also held that the amended Benami law of 2016 did not have retrospective application and the authorities cannot initiate or continue criminal prosecution or confiscation proceedings for transactions entered into prior to the coming into force of the legislation. The Centre, represented by Solicitor General Tushar Mehta, on Tuesday urged a bench comprising Chief Justice D Y ...

Introduced in 1988 and amended in 2016, the Benami Transactions (Prohibition) Act prohibits Benami transactions and gives the government the right to recover Benami property

Supreme Court termed 'The Benami Act' unconstitutional. What is the 1988 Benami property act? What is the Benami Transaction Amendment Act 2016? Why is it unconstitutional? Read to know everything

Several older legislations like the Black Money Act and the Benami Transactions Act have become subservient to the Prevention of Money Laundering Act now

The amendment Bill has made penalties for holding benami properties more stringent but provides for an appeal mechanism

The Bill aims to catch those who channelise their black money into real estate illegitimately

According to a government statement, those who declare their benami properties under IDS will get immunity under the Benami Act