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Section 3: Prohibition of benami transactions.

The Prohibition of Benami Property Transactions Act, 1988Central Act · Act 45 of 1988

[3. Prohibition of benami transactions.--(1) No person shall enter into any benami transaction.

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[(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.]

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Where this provision sits

ActThe Prohibition of Benami Property Transactions Act, 1988
Section3
Marginal noteProhibition of benami transactions.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it9

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 43 of 2016. . Ins. by Act 43 of 2016, s. 5 (w.e.f. 1-11-2016).
  • omitted. . Omitted by s. 6, ibid. (w.e.f. 1-11-2016).
  • renumbered. . Sub-section (3) renumbered as sub-section (2) thereof by s. 6, ibid. (w.e.f. 1-11-2016).
  • inserted. . Ins. by s. 6, ibid (w.e.f. 1-11-2016).
  • omitted. . Omitted by s. 6, ibid. (w.e.f. 1-11-2016).

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