Black Money – Domestic and International Efforts

New ‘Benami’ law to come into effect from November 1

  1. Act: The Benami Transactions (Prohibition) Amendment Act will come into force on November 1, 2016
  2. It will be renamed as the Prohibition of Benami Property Transactions Act (PBPT Act)
  3. It defines benami transactions, prohibits them and further provides for punishment
  4. A transaction is named ‘benami’ if property is held by one person, but has been provided or paid for by another person
  5. It provides for the creation of an appellate mechanism called the Adjudicating Authority and Appellate Tribunal

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