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<h1>Section 7 of Benami Property Act Updated, New Adjudicating Authority Named Under Finance Act 2021.</h1> Section 7 of the Prohibition of Benami Property Transaction Act, 1988, has been substituted by the Finance Act, 2021. The new provision designates the competent authority from the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976, as the Adjudicating Authority. This authority is empowered to exercise jurisdiction, powers, and authority as provided by the Act.