Evolution of Benami Transactions: Critical Analysis Relation to TPA
Keywords:
Benami, Black Money, Transaction, Transfer, Property, Society, Money.Abstract
After surgical strike on black money, government has warned Benami property holders that his subsequently footstep would be alongside them. Benami property would be the major step towards eradicating black money and corruption. Benami transactions in its total are easier said than done to eradicate from the society, because of the very nature of the relationship between parties who enter into such kind of transaction. Benami transactions are decontamination themselves by not being controlled only to transaction between real owner and benamdar, it has customized itself to many other forms like money laundering. Benami transaction is prototypical part of transfer of property, meager passageway of fundamental legislations like Prevention of Money Laundering Act, 2002 is not enough but its impact on Transfer of Property. The Benami Transactions (Prohibition) Amendment Act, 2016 is a modified version of older Benami Transactions (Prohibition) Act 1988. Benami transaction is approved out with the aim to conceal the real source of money. Benami Transaction tried to control transactions; on the other hand, it could not comprehend the entity of the Act to its fullest because it failed to consider all forms of Benami transactions. Benami transactions in object, it tries to achieve that is hiding the illegal source of money. Benami transaction is broadened it can comprise other forms of dealing with black money as healthy like money laundering.
References
1. 130th Report of Law Commission of India, Benami Transaction (1988)
2. Art. 13, Constitution of India, 1950
3. Minerva Mills Ltd. v. Union of India, AIR 1980 SC 1789 (Supreme Court of India)
4. Darashaw Jivaji Vakil, The Transfer of Property Act, 1882, 389 (2nd edn., 2004).
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10. Sec. 6, Benami Transaction (Prohibition) Act, 1988.
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29. Section 66 of Civil Procedure Code, 1908 Evolution of Benami Transactions Monika Jain NJREL (2018) 5-12 © Law Journals 2018. All Rights Reserved Page 12
30. Section 66 of Civil Procedure Code, 1908
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34. Sec. 3 of Prevention of Money Laundering Act, 2002. Cite this Article Monika Jain . Evolution of Benami Transactions: Critical Analysis Relation to TPA. National Journal of Real Estate Law. 2018; 1(2): 5–12p.
