[CHAPTER II

PROHIBITION OF BENAMI TRANSACTIONS]

Prohibition of benami transactions.

3. (1) No person shall enter into any benami transaction.

(2) [***]

[ (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.

[ (3) Whoever enters into any benami transaction on and after the date of commencement of the Benami Transactions (Prohibition) Amendment Act, 2016, shall, notwithstanding anything contained in sub-section (2), be punishable in accordance with the provisions contained in Chapter VII.]

(4) [***]