Section 3 — Prohibition of benami transactions

[3. Prohibition of benami transactions. --(1) No person shall enter into any benami transaction.

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[(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 (43 of 2016) shall, notwithstanding anything contained in sub-section (2) , be punishable in accordance with the provisions contained in Chapter VII.]

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