Lawgist3Prohibition of benami transactions
1[3. Prohibition of benami transactions.--(1) No person shall enter into any benami transaction.
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3 [(2)] Whoever enters into any benami transaction shall be punishable with imprisonment for a term which may extend to three years or with fine or with both.
4 [(3) Whoever enters into any benami transaction on and after the date of commencement of the Benami Transactions (Prohibition) Amendment Act, 2016 (43 of 2016) shall, notwithstanding anything contained in sub-section (2), be punishable in accordance with the provisions contained in Chapter VII.]
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1. Ins. by Act 43 of 2016, s. 5 (w.e.f. 1-11-2016).
2. Omitted by s. 6, ibid. (w.e.f. 1-11-2016).
3. Sub-section (3) renumbered as sub-section (2) thereof by s. 6, ibid. (w.e.f. 1-11-2016).
4. Ins. by s. 6, ibid (w.e.f. 1-11-2016).
5. Omitted by s. 6, ibid. (w.e.f. 1-11-2016).
