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of <h1>Amendment to Benami Act: Extended Response Times, New Section 55A Introduces Immunity for Benamidars, Excluding Beneficial Owners.</h1> The amendment to the Prohibition of Benami Property Transactions Act, 1988, effective from October 1, 2024, introduces several changes. It extends the time limits for benamidars and beneficial owners to respond to notices and for the Initiating Officer to take actions regarding property attachment from ninety days to four months. Additionally, the time to refer a case to the Adjudicating Authority is extended from fifteen days to one month. A new section, 55A, allows the Initiating Officer to grant immunity from prosecution to benamidars or others, excluding beneficial owners, if they fully disclose details of benami transactions. Immunity can be withdrawn if conditions are not met.
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