Magis All you need to know about benami transactions Bill Did you find this blog post helpful? These are then received, managed and disposed of by the administrators appointed under this act. Just complete this form…. If an Initiating Officer believes that a person is a benamidar, he may issue a notice to that person.
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Zologor In case it is held not to be benami property attachment order shall be revoked. Never miss a great news story! The Bill provides that the Adjudicating Authority and the Appellate Tribunal established under the Prevention of Money laundering Act,shall also be the same for the purposes of this Act. The Act also provided that all properties held benami shall be subject prohibitiom acquisition by the Government. Retrieved 17 February B A transaction or an arrangement in respect of a property carried out or made in a fictitious name; or.
It may be stated that the Central Government has not appointed separate Adjudicating Authority and Appellate Tribunal under the provisions of this Act and vide Notification datedit has been notified that the Adjudicating Authority prohjbition the Appellate Tribunal established under the provisions of the Prevention of Money Laundering Act,shall discharge the function under this Act until separate authorities are appointed by the Central Government under this Act.
The Bill seeks to: It has, however, been provided that in case notice is served on any of the persons, service shall not be deemed to be invalid on the ground that such notice has not been served to all the persons holding the property. It was further provided that the beneficial owner will not be entitled to file any claim or suit against the person in whose name the property is held. Section 6 provides that benamidar shall not re-transfer the property to the beneficial owner or any other prohibktion acting on his behalf, meaning thereby that property cannot be transferred by the benamidar to the real owner or beneficiary.
International Business World News. In conclusion, it is stated that hill of the Act appear to be quite effective for the purpose of checking the benami transactions and as a result thereof to check evasion of tax and black money circulation in the society.
Foul language Slanderous Inciting hatred against transactionn certain community Others. The Initiating Officer shall within a period of 15 days from the peohibition of his passing the necessary order for continuing the proceedings shall draw up a statement of facts and refer the matter to the Adjudicating Authority. 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.
In force Benami Transactions Prohibition Act, is an Act of the Parliament of India that prohibits certain types of financial transactions. Judicial Member shall be a member of Indian Legal Service who holds the post of Additional Secretary or equivalent post. The Benami Transactions Prohibition Bill, Sub-section 2 of section 24 also provides where a notice has been issued to the benamidar in respect of the property, a copy of same shall also be issued to the beneficial owner if his identity is known.
From Wikipedia, the free encyclopedia. In case an appeal has been transction, the order of confiscation passed by the Adjudicating Authority shall be subject to the order of the Appellate Tribunal.
Power of the Special Courts Section 50 of the Act provides that the Central Government in consultation with the Chief Justice of the High Court shall designate one or more Courts of Sessions as special court or prohinition for respective area or for group of cases for the purpose of trial of offences punishable under the Act. Machinery provided under the Act The Act provides for attachment and confiscation of benami property.
The Initiating Officer may issue a notice, after the approval from the Approving Officer, to provisionally attach any property, which he has reason to believe is held benami. The High Court, however, can condone the delay in filing the appeal. All the persons summoned by any of the Authorities appointed under the Act shall be bound to attend in person or through agent as may be directed by the Authority and shall be bound to state the truth and produce such documents as may be required.
Retrieved 26 July Skip to main content. Analysis of Provisions of Prohibition of Benami Property Transactions Act, Sub-section 4 of the section 24 provides that the Initiating Officer shall make such enquiries and call for such reports or evidence as he may deem fit and after considering of relevant material shall within a period of 90 days take a decision whether proceedings have to be taken further in respect of the property or not.
Updated versions were therefore passed in andseeking to more comprehensively enforce the prohibitions. Unlawful Activities Prevention Act. The Act prohibits benami transactions and provides for confiscating benami properties. All you need to know about benami transactions Bill — The Hindu The Act also has safeguard mechanisms such as the adjudicating authority and the appellate mechanism for appeals.
My Saved Articles Sign in Sign up. The obvious reason for above provision is that normally a person would acquire the property in the name of the spouse or in the name of the children out of his own funds, but he will never acquire the property independently in the name of brother or sister with his own money. It can be expected that provisions of the Act will be implemented earnestly and with all fairness to achieve the purpose of the Act as transactoin as not causing hardships in bona fide cases.
Read more on parliament. Views Read Edit View history. Further, in order to safeguard the genuine transactions of prohibitoin and sale of property an exception has also been provided that a transaction covered by section 53A of Transfer of Property Act will also not be deemed to be benami transaction in case full consideration for the same has been paid by the buyer to the seller and possession of the property has been taken by the buyer and stamp duty on such transaction has also been paid and the contract has been registered though sale deed has not been executed and registered in favour of the buyer.
He is also empowered to take service of any police officer to assist him in taking the possession of the property. Related Articles.
Benami Transactions (Prohibition) Bill, 2011
The Benami Transactions Prohibition Bill, was introduced by the Ministry of Finance in the Lok Sabha on August 18, to enact a new legislation to prohibit benami transactions. The Bill defines benami transaction as an arrangement where a property is held by a person other than in fiduciary capacity on behalf of another person who has paid for it; or b the transaction is made for a property in a fictitious name; or c the owner of the property is not aware of or denies knowledge of such ownership. A benamidar is a person or fictitious person in whose name the property is held or transferred. The Bill prohibits all persons from entering into benami transactions. Any property held in benami shall be confiscated by the central government. 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. These provisions do not apply to any transaction entered into by an individual in the name of his spouse, brother or sister, or any lineal ascendant or descendant may not be considered benami.
Benami Transactions (Prohibition) Act, 1988
Zologor In case it is held not to be benami property attachment order shall be revoked. Never miss a great news story! The Bill provides that the Adjudicating Authority and the Appellate Tribunal established under the Prevention of Money laundering Act,shall also be the same for the purposes of this Act. The Act also provided that all properties held benami shall be subject prohibitiom acquisition by the Government. Retrieved 17 February B A transaction or an arrangement in respect of a property carried out or made in a fictitious name; or. It may be stated that the Central Government has not appointed separate Adjudicating Authority and Appellate Tribunal under the provisions of this Act and vide Notification datedit has been notified that the Adjudicating Authority prohjbition the Appellate Tribunal established under the provisions of the Prevention of Money Laundering Act,shall discharge the function under this Act until separate authorities are appointed by the Central Government under this Act.
These provisions do not apply to any transaction entered into by an individual in the name of his spouse, brother or sister, or any lineal ascendant or descendant may not be considered benami. Such designated courts shall take cognisance of any offence on a complaint in writing made by any authority appointed under the Act or any officer of the Central or State Government authorised in this behalf. Income will be their income and chargeable in their case. The Parliament had in passed the Benami Act, but it was never implemented as the rules were not framed. It is also important that time limits have been provided under the Act for giving notices benamo passing the orders by different authorities and accordingly, a time bound procedure has been provided under the Act. Besides, it had a longer term of imprisonment of up to three years. Sub-section 1 of section 24 reads as under: On passing the order of confiscation the Administrator shall issue a notice in writing to the person who is in possession of the benami property to surrender or deliver the possession of ibll same trasaction the Administrator or any other person authorised by him in writing in his behalf within a period of seven days of the date of service of the notice.