The central government has notified Sessions courts in 34 states and Union Territories, which will act as special courts for trial of offences under the benami transaction law.
The court (s) of Session in the states and UT were notified after consultation with Chief Justices of respective High Courts under the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) for the trial of offences punishable under the provisions of the Act, said a notification of Finance Ministry.
Benami Transactions (Prohibition) Amendment Act:
The Indian Parliament passed the Benami Transactions (Prohibition) Amendment Act in August 2016 to curb the menace of black money. The bill sought to amend the Benami Transactions Act, 1988.
The new legislation provided for seven years imprisonment and fine for those indulging in illegal transactions.
The act has amended the definition of benami transactions and establishes adjudicating authorities and an Appellate Tribunal to deal with benami transactions.
Further, the act defines benami transactions, prohibits them and provides that violation of the PBPT Act is punishable with imprisonment and fine.
It also prohibits recovery of the property held benami from benamidar by the real owner. The properties held benami are liable for confiscation by the Government without payment of compensation.