Government servants often keep ‘Benami’ accounts or invest properties in other’s name. Is there any legislation to address such corruption? Analyse critically.
Answer: The Law Commission, in its 57th and 130th Reports, had recommended enactment of a legislation prohibiting Benami transactions and acquiring properties held Benami. A law entitled The Benami Transactions (Prohibition) Act, 1988 was passed in 1988.
The Act precludes the person who acquired the property in the name of another person from claiming it as his own. Section 3 of the Act prohibits Benami transactions while Section 4 prohibits the acquirer from recovering the property from the Benamidar.
Section 5 of the Act permits acquisition of ‘Benami’ properties. It states:
“(1) All properties held benami shall be subject to acquisition ....
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