Government

November 05, 2018

Finance Ministry issues notification on “Prohibition of Benami Property Transactions (Removal of Difficulties) Second Order, 2018”


View PDF

financeministry

On October 31, the Department of Revenue, Ministry of Finance, issued a notification on the Prohibition of Benami Property Transactions (Removal of Difficulties) Second Order, 2018, an order amending the Prohibition of Benami Property Transactions Act, 1988.

The notification states:

WHEREAS, Section 71 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) (hereinafter referred to as the Benami Act) states that the Central Government may, by notification, provide that until the Adjudicating Authorities are appointed and the Appellate Tribunal is established under the Benami Act, the Adjudicating Authority appointed under sub-section (1) of Section 6 of the Prevention of Money-laundering Act, 2002 (15 of 2003) (hereinafter referred to as the PML Act) and the Appellate Tribunal established under Section 25 of the PML Act may discharge the functions of the Adjudicating Authority and Appellate Tribunal, respectively, under the Benami Act.

AND, whereas, the Central Government, in exercise of the powers conferred under Section 71 of the Benami Act has appointed the Adjudicating Authority and established the Appellate Tribunal under the provisions of the PML Act vide notification number S.O. 3288 (E), dated 25th October,2016 with effect from 1st day of November 2016.

AND, whereas, on appointment of the Adjudicating Authority and establishment of the Appellate Tribunal under the Benami Act, the Adjudicating Authority and the Appellate Tribunal notified under Section 71 of the Benami Act shall cease to discharge the functions under the Benami Act, and whereas, there shall be a time gap between the appointment of the Adjudicating Authority and establishment of the Appellate Tribunal under the Benami Act and discharging the functions of the said Authority and the said Appellate Tribunal under the Benami Act.

AND, whereas, a difficulty has arisen in respect of the reference and appeal filed under the Benami Act which are pending before the Adjudicating Authority and the Appellate Tribunal respectively and in respect of receiving references from the Initiating Officer by the Adjudicating Authority and filing of appeal against the order of the Adjudicating Authority under the Benami Act, there is a need to remove the difficulty arising from the time gap between the appointment of the Adjudicating Authority and establishment of the Appellate Tribunal under the Benami Act and discharging the functions of the said Authority and the said Appellate Tribunal under the Benami Act.

AND, whereas, sub-section (7) of Section 26 of the Benami Act provides that the Adjudicating Authority shall not pass order after the expiry of one year from the end of the month in which the reference has been received by it from the Initiating Officer and whereas, on the date on which the Adjudicating Authority under the Benami Act shall discharge the functions under the Benami Act, there may be references pending before the Adjudicating Authority notified under Section 71 of Benami Act in which order under sub-section (3) of Section 26 may be required to be passed in a short period of time.

AND, whereas, a difficulty has arisen in view of the fact that the Adjudicating Authority appointed under the Benami Act may not have sufficient time for passing an order in respect of said references and there is a need to remove the difficulty arising from the availability of limited time for passing such order under the Benami Act.

Now, therefore, in exercise of the powers conferred by sub-section (1) of Section 70 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988), the Central Government has made the following Order to remove the aforesaid difficulties:

This Order is called the Prohibition of Benami Property Transactions (Removal of Difficulties) Second Order, 2018. It shall come into force on the date of its publication in the Official Gazette.

In Section 71 of the Prohibition of Benami Property Transactions Act, 1988, after the words “under this Act” occurring at the end, the words “for such period and in respect of such cases or class of cases as may be specified in the said notification” shall be inserted.

To view the Official Notification in detail, please view the file attached herein.

View PDF

Related Post

latest News

  • American civil rights organization files lawsuit challenging Kansas birth certificate policy

    On October 15, on behalf of four transgender individuals born in Kansas and the Kansas Statewide Transgender Education Project, American civil rights ...

    Read More
  • Six HC’s don’t have chief justices

    Currently, there are six high courts in the country that are without any regular chief justice for the last six months, while another four chief justi...

    Read More
  • ‘Satyameva Jayate’ hurting religious sentiments, disrespecting national emblem?

    Before the release, John Abraham starrer Satyameva Jayate’ is facing trouble and has landed itself in a legal soup. Two complaints have been filed a...

    Read More