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Supreme Court Holds Benami Transaction Act's Section 3(2), Declares Unconstitutional | Latest News
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August 23, 2022
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4:53Now PlayingBreaking News: Supreme Court declares Section 3(2) of the Benami Transactions Prohibition Act as unconstitutional. Court held that it can have only prospective effect and thus all actions taken before the amendment are set aside. A law passed by the Indian Parliament in 1988 called the Benami Transactions (Prohibition) Act forbids certain kinds of financial transactions. A fine that may equal up to 25% of the fair market value of the Benami property and a prison sentence of up to seven years was also enhanced as a result of the modification. A "Benami" transaction is one in which property is transferred to one person in exchange for money paid by another person. NCP's advocate Majeed Memon reacts to the development. Tune in for more.
#benamitransaction #supremecourt #whatisbenamitransaction
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