New Benami Property Act, its various Provisions and Loopholes by: Vijay Sardana Specialising in Indian Business Laws Follow Twitter: @vijaysardana The Benami Transactions (Prohibition) Amendment Bill, 2015 was introduced in Lok Sabha on May 13, 2015 by the Minister of Finance Mr. Arun Jaitley and was passed on 2nd August 2016 by Rajya Sabha. This was introduced to amend the Benami Transactions Act, 1988. The Act prohibits benami transactions and provides for confiscating benami properties . The new Act seeks to: (i) amend the definition of benami transactions, (ii) establish adjudicating authorities and an Appellate Tribunal to deal with benami transactions, and (iii) specify the penalty for entering into benami transactions. The old Act defines a benami transaction as a transaction where a property is held by or transferred to a person, but has been provided for or paid by another person. ...