Is Benami transaction legal in India?

Benami transactions were not illegal in India before the 1988 Act and there was no punishment or bar for entering into Benami transactions. The Benami Transactions (Prohibition) Act, 1988 was introduced to prohibit Benami transactions and to recover the property held as Benami. The Old Act was amended and “The Benami Transactions (Prohibition) Amendment Act, 2016″ was enacted. 

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