The word Benami according its Urdu origin means “no-name” or “without name” and as per Webster’s Dictionary the term Benami means “made, held, done or transacted under the name of (another person).” Therefore in layman terms, a Transaction can be termed as Benami when a seller (A) sells the property to the purchaser (B) but the sale consideration for the same is being paid by the (C). It was stated by the Income Tax Department in a public advertisement in January 2019 that while acting under the Anti-Benami Transactions law, it has confiscated assets worth Rs. A part of these major steps was the Amendment of the Prohibition of Benami Property Transaction Act, 1988 in the year 2016, which had proved to be very effective in recuperating the black money and penalizing the corrupts. Over the past few years, India has witnessed various major steps to curb the black money businesses namely Income Declaration Scheme (2016), Demonetisation Drive (2016), etc.
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