What is 1988 Benami Property Act and Benami Transaction Amendment Act 2016

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

The Supreme Court of India stated the provision of the Benami Transaction Amendment Act "unconstitutional" on the grounds of being "manifestly arbitrary". Some of the provisions dealt with a three-year jail term and a penalty.

Also read | Value of benami properties decreased by 54% in the past three years

Chief Justice N.V Ramana stated that the Benami Transactions Amendment Act of 2016 should not be applied retrospectively. Section 3(2) suggests that whoever enters in a benami transaction is punishable with imprisonment for a term which might get extended upto three years with a fine, without a fine