BENAMI TRANSACTION PROHIBITION BILL 2011 PDF

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. Subsequently, in the year , a Bill called “The Benami Transactions ( Prohibition) Bill, ″, was introduced in the Parliament wherein.

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The notice shall be issued by the Adjudicating Authority within a period of 30 days from the date on trqnsaction a reference has been received from the Initiating Officer.

Section teansaction provides that benamidar shall not re-transfer the property to the beneficial owner or any other person acting on his behalf, meaning thereby that property cannot be transferred by the benamidar to the real owner or beneficiary. The Administrator shall issue the notice for the surrender or forcible takeover of possession of the benami property.

The Act also has safeguard mechanisms such as the adjudicating authority and the appellate mechanism for appeals. Income will be their income and chargeable in their case.

New Benami law to allow property in spouse, siblings’ name – The Economic Times

In case an appeal has been filed, the order of confiscation passed by the Adjudicating Authority shall be subject to the order of the Appellate Tribunal. The Bill seeks to establish four authorities to conduct inquiries or investigations regarding benami transactions: These authorities shall have same powers as vested in a civil court while trying a suit in matters such as inspection, production of documents, issuing commissions, etc.

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A question can be raised that if property can independently be acquired in the name of spouse or children, why there is a condition that property in the name of brother or sister or even in the name of father or mother can only be jointly with the individual providing the consideration and not singularly in their names. Government monitoring economic conditions to ensure fiscal deficit remains within target: Unlawful Activities Prevention Act.

This page was last edited on 5 Novemberat The Central Government shall appoint the seniormost member to be the Chairperson of the Adjudicating Authority. A benamidar is a person or fictitious person in whose name the property is held or transferred. The Bill amends this definition to add other transactions which qualify as benami, such as property transactions where: Get instant notifications from Economic Times Allow Not now.

In case it is held not to be benami property attachment order shall be revoked. The Initiating Officer may hold the property for 90 days from the date of issue of the notice, subject to permission from the Approving Authority.

Benami Transactions (Prohibition) Act, – Wikipedia

The aforesaid Act provided that no person shall enter into any benami transactions. He is empowered to take such measures as may be ptohibition and as may be directed by the Central Government to dispose of transactiion property vested in the Central Government in such manner and subject to such conditions as may be prescribed. For the purpose of implementing the provisions of Act, the Act provides for appointment of following authorities: Retrieved from ” https: This will alert our moderators to take action.

Any property held in benami shall be confiscated by the central government. The Administrator shall have the power to receive and manage the property which has been confiscated.

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Machinery provided under the Act The Act provides for attachment and confiscation of benami property. As a result, the aforesaid Act remained ineffective for a long period, may be for the reason that there was no political will to implement the Act and make the same effective. By using this site, you agree to the Terms of Use and Privacy Policy. The clause, however, excludes genuine family cases like holding of property in the name of spouse or children or in the name of Karta or a member of HUF or in a fiduciary capacity by a trustee, executor, partner or director of a company.

New Benami law to allow property in spouse, siblings’ name

With the intention to check the black money proliferation and circulation in the society efforts have been made by the Government from time-to-time. This article is closed for comments.

The Bill seeks to amend the Benami Transactions Act, Section 51 of the Act provides for appointment of Public Prosecutor conducting the cases on behalf of the authorities. Foul language Slanderous Inciting hatred against a certain community Others. Offences and prosecution Apart from confiscation of benami property, sections 53 to 55 of the Act also provide for prosecution of the persons involved in benami transactions.