benami transactions act

Question 1

benami transactions prohibition act

Answer 1

1988

Question 2

which section prescribes punishment for entering into benami transaction.

Answer 2

section 3(2)

Question 3

act amended in

Answer 3

2016

Question 4

which act extended the three year imprisonment to 7 yrs and fine upto 25%

Answer 4

section 3(3) of 2016

Question 5

came to force into

Answer 5

25th october,2016

Question 6

prevention of money laundering act

Answer 6

2002

Question 7

3 important pointers

Answer 7

1. property held by or transferred to a person

2.transaction made in fictious name

3.owner not aware of denies knowledge of ownership

Question 8

which tribunal provided to hear appeals against any adjucating orders

Answer 8

appellate tribunal

Question 9

special court should conclude within

Answer 9

6 months

Question 10

authorities to conduct inquiries

Answer 10

4
1-initiating officer
2-approving authority
3-administrator
4-adjudicating officer

Question 11

initiating officer to hold property for how many days

Answer 11

90 days

Question 12

penalty

Answer 12

1-7 yrs imprisonment

Question 13

percent of the fair market

Answer 13

25%

Question 14

definition

Answer 14

property purchased by a person in the name of some other person

Question 15

furnishing false info punishment

Answer 15

up to 5 yrs and fine