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Home Acts & Rules Bill Bills FINANCE BILL, 2021 Chapters List Part VI AMENDMENTS TO THE PROHIBITION OF BENAMI PROPERTY TRANSACTION ACT, 1988 This
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Clause 142 - Commencement of this Part. - FINANCE BILL, 2021

FINANCE BILL, 2021
Part VI
AMENDMENTS TO THE PROHIBITION OF BENAMI PROPERTY TRANSACTION ACT, 1988
  • Contents

PART VI

AMENDMENTS TO THE PROHIBITION OF BENAMI PROPERTY TRANSACTION ACT, 1988

Commencement of this Part.

142. The provisions of this Part shall come into force on the 1st day of July, 2021.

 



 

Notes on Clauses:

Clauses 142 to 147 of the Bill seeks to amend certain provisions of the Prohibition of Benami Property Transactions Act, 1988.

Clause (1) of section 2 of the Act provides for the definition of the expression Adjudicating Authority. It is proposed to amend said clause so as to substitute words “referred to in” for the words “appointed under”.

Section 7 of the said Act empowers the Central Government to appoint one or more Adjudicating Authority by notification to exercise jurisdiction, powers and authority conferred by or under that Act. It is further proposed to substitute the said section 7 so as to provide that the Competent Authority constituted under sub-section (1) of section 5 of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 shall be the Adjudicating Authority to exercise jurisdiction, powers and authority conferred by or under this Act.

It is also proposed to consequentially omit sections 8 to 17 of the said Act.

It is also proposed to amend sub-section (7) of section 26 of the said Act so as to provide that where the time limit for passing an order provided therein expires during the period beginning from 1st July, 2021 and ending on 29th September, 2021, the time limit for passing such order shall be extended to 30th September, 2021.

It is also proposed to consequentially omit clauses (b) and (c) of sub-section (2) of section 68 of the said Act.

These amendments will take effect from 1st July, 2021.

 
 
 
 
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