BENAMI TRANSACTIONS PROHIBITION BILL 2011 PDF

Benami Transactions (Prohibition) Act, is an Act of the Parliament of India that prohibits To address these deficiencies, several years later, in , the Govt of India introduced “Benami Transactions (Prohibition) Bill, “. Benami Transactions (Prohibition) Bill, Purpose: To prohibit holding property Benami and restrict the right to recover or transfer such property. THE BENAMI TRANSACTIONS (PROHIBITION) ACT, An Act to prohibit benami transactions and the right to recover properly held benami and for.

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The Adjudicating Authority shall consist of a chairperson and at least two other members, one benam whom shall be a Judicial member and the other an Administrative member and the bench shall sit in the National Capital Territory of Delhi. Under the Act, the penalty for entering into benami transactions is imprisonment up to three years, or a fine, or both. Related Articles Lok Sabha passes Bill to check benami transactions.

In fact, the act, as noted by the Second Administrative Reforms Commission in the yearwas never notified in the official gazette. Printable version Dec 31, Login with your social accounts: The Administrator has the power to receive and manage the property that is confiscated by the central government as a benami property.

The Act also has safeguard mechanisms such as the adjudicating authority and the appellate mechanism transactipns appeals. He shall take prior permission of the Approving Authority regarding such proceedings. Defined under Section 4 9a benami transaction means any transaction which is transferred to or held by one person, prohiibition the consideration for it is paid by another.

The Judicial Member must have been a Member of the Indian Legal Service and must have held the post of Additional Secretary or equivalent post in that Service, and an Administrative Member must have been a Member of the Indian Revenue Service and must have held the post of Chief Commissioner of Income-tax or equivalent prohubition in that Service.

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Benami Transactions Prohibition Act, is an Act of the Parliament of India that prohibits certain types of financial transactions. Skip to main content.

However, the bill failed to pass. The Administrator shall issue the notice for the surrender or forcible takeover of proibition of the benami property. The act is clearer and has stringent punishments for offenders. Inthe Law Commission of India after studying various Acts and prevailing benami system, recommended formulating an Act to tackle the issue.

All you need to know about benami transactions Bill – The Hindu

Talk to a legal expert on phone and get the advice you need. The Act prohibits benami transactions and provides for confiscating benami properties. Unlawful Activities Prevention Act. Retrieved 17 February Accordingly, the Benami Transactions Prohibition Act, was enacted by the Parliament which came into force on 19 May All the authorities established under this Act shall have same powers transactionx are vested in a civil court for the prohibitionn of [10]:.

All About Benami Properties And Recent Legal Developments

The Act defines a benami transaction as a transaction where a property is held by or transferred to a person, but has been provided for or paid by another person.

The Benami Transactions Prohibition Act, An Act to prohibit benami transactions and the right to recover property held benami and for matters connected therewith or incidental thereto. Vide this act, all the benami transactions are prohibited and made an offence against the state.

These are then received, managed and disposed of by the administrators appointed under this act. In an attempt to curb black money, in JulyModi government decided to amend the original act [8] which was subsequently passed by the Parliament of India as “The Benami Transactions Prohibition Amendment Act, “.

All you need to know about benami transactions Bill

Any transaction wherein the owner or the person who pays the consideration is fictitious, or wherein bil owner is not aware of or denies the ownership of the property shall also be considered as a benami transaction. The Bill provides that the Adjudicating Authority and the Appellate Tribunal established under the Prevention of Money laundering Act,shall also be the same for the purposes of this Act. After getting passed in both the houses of the parliament, the bill got converted into an Act on 11 th August and was vill on 1 st November In this Act, the word is used to define a transaction in which the real beneficiary is not the one in whose name the property is purchased.

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The Benami Transactions Prohibition Bill, was introduced by the Ministry of Finance in the Lok Sabha on August 18, to enact a new legislation to prohibit benami transactions.

The Initiating Officer or the Adjudicating Authority may impound or retain any books of accounts that it may feel is required for the inquiry, for a period not exceeding three months from the date of attachment of the property. Just complete this form….

All About Benami Properties And Recent Legal Developments

How you can make this new year special. The Bill provides for Special Courts to try such cases. Any person who enters into benami transactions, or abets or induces another person to enter into such transactions shall be punishable with an imprisonment for six months to two years, and liable to a fine of up to 25 per cent of the fair market value transactipns the property held in benami.

Private defense under IPC. Witness Protection Scheme in India.