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About: Benami Transactions (Prohibition) Act, 1988     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : yago:WikicatActsOfTheParliamentOfIndia, within Data Space : dbpedia.org associated with source document(s)

Type: yago:WikicatAnti-corruptionMeasuresyago:Abstraction100002137yago:Act100030358yago:Act106532095yago:Action100037396yago:Choice100161243yago:CivilLaw108453464yago:Collection107951464yago:Communication100033020yago:Decision100162632yago:Document106470073yago:Event100029378yago:Group100031264yago:Law108441203yago:LegalDocument106479665yago:Legislation106535222yago:Maneuver100168237yago:Measure100174412yago:Move100165942yago:PsychologicalFeature100023100yago:Writing106362953yago:WrittenCommunication106349220yago:YagoPermanentlyLocatedEntityBandyago:WikicatActsOfTheParliamentOfIndia New Facet based on Instances of this Class

Benami Transactions (Prohibition) Act, 1988 (name changed to Prohibition of Benami Property Transactions Act, 1988 by section 3 of the 2016 amendment) is an Act of the Parliament of India that prohibits certain types of financial transactions. The act defines a 'benami' transaction as any transaction in which property is transferred to one person for consideration paid by another person. Such transactions were a feature of the Indian economy, usually relating to the purchase of property (real estate), and were thought to contribute to the Indian black money problem. The act bans all benami transactions and gives the government the right to recover property held benami without paying any compensation.