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.
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