3. Prohibition of benami transactions
3. Prohibition of benami transactions.—(1) No person shall enter into any benami transaction.
* * * * * [(2)] Whoever enters into any benami transaction shall be punishable with imprisonment for a term which may extend to three years or with fine or with both.
[(3) Whoever enters into any benami transaction on and after the date of commencement of the Benami Transactions (Prohibition) Amendment Act, 2016 (43 of 2016) shall, notwithstanding anything contained in sub-section (2), be punishable in accordance with the provisions contained in Chapter VII.] * * * * *
Amendment notes (5)
- Ins w.e.f. 1-11-2016 . Ins. by Act 43 of 2016, s. 5 (w.e.f. 1-11-2016).
- Omitted w.e.f. 1-11-2016 . Omitted by s. 6, ibid. (w.e.f. 1-11-2016).
- renumbered w.e.f. 1-11-2016 . Sub-section (3) renumbered as sub-section (2) thereof by s. 6, ibid. (w.e.f. 1-11-2016).
- Ins w.e.f. 1-11-2016 . Ins. by s. 6, ibid (w.e.f. 1-11-2016).
- Omitted w.e.f. 1-11-2016 . Omitted by s. 6, ibid. (w.e.f. 1-11-2016).