3. Prohibition of benami transactions.—
(1) No person shall enter into any benami transaction.
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(2)] 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.
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(3) Whoever enters into any benami transaction on and after the date of commencement of the
Benami Transactions (Prohibition) Amendment Act, 2016 (43 of 2016) shall, notwithstanding anything
contained in sub-section
(2), be punishable in accordance with the provisions contained in Chapter VII.]
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