Section 3
Prohibition of benami transactions. Repealed
The Prohibition of Benami Property Transactions Act, 1988
About this Act
An Act to prohibit benami transactions and the right to recover property held benami and for matters connected therewith or incidental thereto.
1[3. Prohibition of benami transactions.--(1) No person shall enter into any benami transaction.
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3 [(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.
4 [(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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3 [(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.
4 [(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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Notes
1. Ins. by Act 43 of 2016, s. 5 (w.e.f. 1-11-2016).
2. Omitted by s. 6, ibid. (w.e.f. 1-11-2016).
3. Sub-section (3) renumbered as sub-section (2) thereof by s. 6, ibid. (w.e.f. 1-11-2016).
4. Ins. by s. 6, ibid (w.e.f. 1-11-2016).
5. Omitted by s. 6, ibid. (w.e.f. 1-11-2016).
2. Omitted by s. 6, ibid. (w.e.f. 1-11-2016).
3. Sub-section (3) renumbered as sub-section (2) thereof by s. 6, ibid. (w.e.f. 1-11-2016).
4. Ins. by s. 6, ibid (w.e.f. 1-11-2016).
5. Omitted by s. 6, ibid. (w.e.f. 1-11-2016).