Government Plan Programme Policies for UPSC Exam
::Prohibition of Benami Property Transactions Act, 1988::
Benami Property Transactions Act, 1988 has been amended by the
Benami Transactions (Prohibition) Amendment Act, 2016 (BTP Amendment Act). The
rules and all the provisions of the BTP Amendment Act shall come into force on
1st November, 2016. After coming into effect of the BTP Amendment Act, the
existing Benami Transactions (Prohibition) Act, 1988 shall be renamed as
Prohibition of Benami Property Transactions Act, 1988 (PBPT Act).
1. The PBPT Act defines benami transactions, prohibits them and further provides
that violation of the PBPT Act is punishable with imprisonment and fine. The
PBPT Act prohibits recovery of the property held benami from benamidar by the
real owner. Properties held benami are liable for confiscation by the Government
without payment of compensation.
2. An appellate mechanism has been provided under the PBPT Act in the form of
Adjudicating Authority and Appellate Tribunal. The Adjudicating Authority
referred to in section 6(1) of the Prevention of Money Laundering Act, 2002 (PMLA)
and the Appellate Tribunal referred to in section 25 of the PMLA have been
notified as the Adjudicating Authority and Appellate Tribunal, respectively, for
the purposes of the PBPT Act.
3. A Joint / Additional Commissioner of Income-tax, an Assistant / Deputy
Commissioner of Income-tax and a Tax Recovery Officer in each Pr. CCIT Region
have been notified to perform the functions and exercise the powers of the
Approving Authority, Initiating Officer and Administrator, respectively under
the PBPT Act.