RI of up to seven years for benami transactions

  • | Thursday | 16th February, 2017

Benami transaction was traced back in 1915, when the British federal council lordship, who heard the case had said that benami transactions are very dear to both Hindus and Muslims. It was Rajiv Gandhi who was then PM, who introduced Benami Transactions (Prohibition) Act, 1988. "After the note ban, the central government's next action is to catch people who are involved in benami transactions. British court sused to give judgments on benami transaction just for the sake of society even though there were no laws," he said.Mehta said that after independence, the benami transactions, black market, black money increased. All the persons who have done benami transactions from past 28 years will be punished and fined for the crime," he said.

MYSURU: Advocate Dhirendra Kumar R Mehta said that any person who enters into benami transactions will be punished with rigorous imprisonment which may extend upto seven years and fine upto 25 per cent of the fair market value of the property.Delivering a talk on The Prohibition of Benami Property Transactions Act, 1988, organized by the National Real Estate Development Council (NAREDCO) on Tuesday, Mehta said that the act was enacted with the objective to prohibit benami transactions and the right to recover property held under benami."Benami means without name and benamidar means in whose name the property is transferred or held. Benami transaction was traced back in 1915, when the British federal council lordship, who heard the case had said that benami transactions are very dear to both Hindus and Muslims. British court sused to give judgments on benami transaction just for the sake of society even though there were no laws," he said.Mehta said that after independence, the benami transactions, black market, black money increased. It was Rajiv Gandhi who was then PM, who introduced Benami Transactions (Prohibition) Act, 1988. Recently, the central government enacted the amended act."After the note ban, the central government's next action is to catch people who are involved in benami transactions. As per the new act, all the transactions from 1988 will be held accountable. All the persons who have done benami transactions from past 28 years will be punished and fined for the crime," he said.

If You Like This Story, Support NYOOOZ

NYOOOZ SUPPORTER

NYOOOZ FRIEND

Your support to NYOOOZ will help us to continue create and publish news for and from smaller cities, which also need equal voice as much as citizens living in bigger cities have through mainstream media organizations.


Stay updated with all the Latest Mysore headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.

Related Articles