Proposes inserting Section 55A in the Prohibition of Benami ...

New law offers immunity to benamidars for disclosing benami deals, targets real owners. Effective Oct 2024.

Notes Bill

July 27, 2024

Proposes inserting Section 55A in the Prohibition of Benami Property Transactions Act, 1988 to allow the Initiating Officer to tender immunity from penalty to benamidars or abettors, other than beneficial owners, for offenses u/s 53, subject to full disclosure of benami transaction details. The immunity can be withdrawn if conditions are not met or false evidence is provided. This aims to gather evidence against beneficial owners by incentivizing benamidars to cooperate, considering their often poor means. The amendment takes effect from October 1, 2024.

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Proposes inserting Section 55A in the Prohibition of Benami ...

New law offers immunity to benamidars for disclosing benami deals, targets real owners. Effective Oct 2024.

Notes Bill

July 27, 2024

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