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 Bill amends this definition to add other transactions which qualify as benami, such as property transactions where: The Adjudicating Officer, after hearing the person whose property is attached, may make an order for the confiscation of the property held benami. Bkll act provides for an initiating officer who shall start the proceedings against the benami transactions.
Benami Transactions (Prohibition) Act, 1988
Subscribe so that you never miss another post! This article is closed for comments. Any person aggrieved by an order of the Adjudicating Officer shall appeal to the Appellate Tribunal. The Bill seeks to establish four authorities to conduct inquiries or investigations regarding benami transactions: The government led by the then Prime Minister Manmohan Singh introduced The Benami Transactions Prohibition Bill in the year before the parliament to repeal The Act, however, the bill was not passed by the parliament due to lack of support by the members of parliament.
Based on an order to confiscate the benami property, the Administrator will receive and manage the property in a manner and subject to conditions as prescribed. However, the bill failed to pass. The aim of the Benami Transactions Prohibition Act, was to prohibit benami transactions and punish those who participated in such transactions as they had become a method by the corrupt for tax evasion, land concentration and money laundering.
Printable version Dec 31, Benami properties are not easy to identify as they are usually entered into between relatives, friends, people having a fiduciary relationship, between landlord and tenant, employer and employee or other relationships where there exists an obligation to protect or a fear of some loss.
In fact, the act, as noted by the Second Administrative Reforms Commission in the yearwas never notified in the official gazette. 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 of the property held in benami.
The Bill also seeks to establish an Appellate Tribunal to hear appeals against any orders passed by the Adjudicating Authority. August 02, Benami Transactions Prohibition Act, is an Act of the Parliament of India that prohibits certain types of financial transactions.
How you can make this new year special. All the authorities established under this Act shall have same powers as are vested in a civil court for the purpose of :. At the end of the notice period, the Initiating Officer may pass an order to continue the holding of the property. Related Articles Lok Sabha passes Bill to check benami transactions. The Benami Transactions Prohibition Bill, The act bans all benami transactions and gives the government the right to recover property held benami without paying any compensation.
The government realised the loopholes in The Act and the need for a new legislation to overcome them. Private defense under Transwctions. They shall follow the principles of natural justice and shall have the power to regulate their own procedures. In fact, the Federal Prohibiton in the case of Panjab Province v. After the grant of permission, the initiating officer shall have the power to conduct or cause to be conducted any inquiry or investigation in respect of any person, place, property, books of account documents, assets, or other documents, in respect of any other relevant matters under the amended Benami Act .
India has witnessed benami transactions since prohjbition long time. An Act to prohibit benami transactions and the right to recover property held benami and for matters connected therewith or incidental thereto.
The transactions relating to benami property are known as benami transactions.
All About Benami Properties And Recent Legal Developments
Adjudicating authority is ptohibition for by this Act to hear the cases referred to it by the initiating officer and decide such cases within a period of one year. Updated versions were therefore passed in andseeking to more comprehensively enforce the prohibitions. In an attempt to curb black money, in JulyModi government decided to amend the original act  which was subsequently passed by the Parliament of India as “The Benami Transactions Prohibition Amendment Act, “.
Please Email the Editor. The Adjudicating Authority will examine all documents and evidence relating to the matter and then pass an order on whether or not to hold the benxmi as benami.
The Bill also specifies certain cases will be exempt from the definition of a transaxtions transaction. Once a property is confiscated, all rights and title of such property shall vest completely in the central government and no compensation shall be payable.
If the Initiating Officer has reason to believe that a property is held benami, he may issue a notice to the benamidar and call for documents and reports for inquiry.
Log into your account. The Bill provides for Special Courts to try such cases.
These are then received, managed and disposed of by the administrators appointed under this act. Certain sessions courts would be designated as Special Courts for trying any offences which are punishable under the Bill. These include cases when a property is held by: Login with your social accounts: