Prohibition of Benami Property Transactions Act, 1988

Prohibition of Benami Property Transactions Act, 1988 of India has been enacted by Parliament. Except few sections, the Act is deemed to have come into force on 19th May 1988.

There are various punishments prescribed in the Act ranging upto 7 years. Special Courts finds its place in Section 50 and PP need to have 7 years experience. The appeal before Appellate Tribunal is to be filed 45 days. Another provision for appeal is in Section 49 to Hon'ble High Court on question of law. 

The quantum of fine can in some offences associated with the fair market value and ranges from 25% of fair market value to 10% of the fair market value. S.58 of this Act authorises the Central Government to exempt charitable or religious trusts from the provisions of the Act and this notification is to be presented before the Parliament.

The provisional attachment can go upto 90 days and is given in Section 24 of the Act.

There have been few amendments in the Act in the year 2016. Section 4(1) and its retrospective operation has been adjudicated in a 1995 Judgment of the Apex Court. The issue has also been considered by the Hon'ble Delhi High Court in a recent Judgment as well.