The new law to prohibit benami transactions will come into effect from 1st of next month. Parliament had passed the Benami Transactions (Prohibition) Amendment Act, 2016 to curb black money.

An official release said, after coming into effect, the existing Benami Transactions (Prohibition) Act, 1988 will be renamed as the Prohibition of Benami Property Transactions, PBPT, Act, 1988.The new legislation provides for seven years imprisonment and fine for those indulging in illegal transactions.

It said, properties held benami are liable for confiscation by the government without payment of compensation.

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