PROHIBITION OF BENAMI PROPERTY TRANSACTION ACT, 1988
- The Prohibition of Benami Property Transactions Act, 1988 (the Benami Act) came into effect from 01.11.2016
- Benamidar (In whose name benami property is standing), beneficiary (who actually paid consideration) and persons who abet and induce benami transactions are prosecutable and may face Rigorous Imprisonment up to 7 years besides being liable to pay fine up to 25% of fair market value of benami property.
- Persons who furnish false information to authorities under Prohibition of Benani Property Transactions Act, 2016. are prosecutable and maybe imprisoned up to 5 years besides being liable to pay fine up to 10% of fair market value of benami property.
- Benami property may be attached and confiscated by the Government.
- These actions are in addition to actions under other laws such as Income-Tax Act, 1961.
DO NOT ENTER INTO BENAMI Transactions
- Black money is a crime against humanity.
- We urge every conscientious citizen to help the Government in eradicating it.