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Which is/are true about the Benami Transaction Amendment Bill, 2016 passed by the Lok Sabha?

(i) Aimed at curbing black money

(ii) Imprisonment of up to 5 years

(iii) Provides for a fine of up to 30% of the fair value of the asset

(iv) Provides for a fine of up to 25% of the fair value of the asset and imprisonment of up to 7 years


1. (i) only
2. (i),(ii) and (iii) only
3. (ii),(iii) and (iv) only
4. (i) and (iv) only

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Correct Answer - Option 4 : (i) and (iv) only

The correct answer is (i) and (iv) only.

 

  • The Benami Transactions (Prohibition) Act, 1988 came into force in May 1988.
  • In order to curb the black money, the Government amends the Act as The Benami Transactions (Prohibition) Amendment Act, 2016.
  • The objectives of the Act were to prohibit Benami transactions and Provide for confiscating benami properties and for matters connected therewith & incidental thereto.
  • Benami Transactions shall not include any transaction if the following conditions are satisfied: Possession of the property given to the person who has provided consideration but the person who grants possession continues to hold ownership. The contract and the Stamp duty.
  • Any person enters into a Benami Transaction to defeat the provisions of any law or to avoid payment of statutory dues or to avoid payment to creditors penalty up to 25 % of FMV of the property and imprisonment of 1- 7 years.
  • For providing False Information to any authority under this Act penalty up to 10 % of the FMV of the property and imprisonment of 6 months- 5 years.

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