Consider the following statements about Benami Transactions prohibition Amendment Act 2016 1 n...........

Security Issues Money laundering

Consider the following statements about Benami Transactions (prohibition) Amendment Act, 2016

1. The main aim of the amendment is to curb the money laundering process involved in the real estate market.

2. As per the amendment Properties held benami are liable for confiscation by the Government without payment of compensation

3. The amendment prohibits recovery of the property held benami from benamidar by the real owner

Select the correct answer using codes given below

1 only

1 and 2 only

2 and 3 only

All of the above

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Explanation:

The stringent law would also bring down the prices of real estate because such transactions are done by cash rich investors to park their unaccounted wealth in real estate.

The Benami Transactions (Prohibition) Amendment Act, 2016 came into effect from1st November, 2016. Several benami transactions have been identified since the coming into effect of the amended law.