Section 3:
Prohibition of benami transactions.
1[3. Prohibition of benami transactions.--(1) No person shall enter into any benami transaction.
2
* * * * *
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.]
5
* * * * *
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).