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Definitions.
2. In this Act, unless the context otherwise, requires,- (a) "benami transaction" means any transaction in which property is transferred to one person for a consideration paid or provided by another person; (b) "prescribed" means prescribed by rules ma& under this Act; (c) "property" means property of any kind, whether movable or immovable, tangible or intangible, and includes any right or interest in such property. Prohibition of benaimi transactions. 3. (1) No person shall enter into any benami transaction. 1[(2) Nothing in sub-section (1) shall apply to- (a) the purchase of property by any person in the name of his wife or unmarried daughter and it shall be presumed, unless the contrary is proved, that the said property had been purchased for the benefit of the wife or the unmarried daughter; (b) the securities held by a- (i) depository as a registered owner tinder sub-section (1) of section 10 of the Depositories Act, 1996; (ii) participant as an agent of a depository. Explanation.---The expressions "depository" and "participant" shall have the meanings respectively assigned to them in clauses (e) and (g) of sub-section (1) of section 2 of the Depositories Act, 1996.](3) Whoever enters into any benami transaction shall be punishable with imprisonment for a term which may extend to three years or with fine or with both. (4) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), an offence under this section shall be non-cognizable and bailable. |