Benami property law updated: extended response timelines and conditional immunity for benamidars to secure full disclosure. The Act's procedures are amended to require a benamidar or beneficial owner served with a notice to furnish explanations within the notice period or an Initiating Officer-extended period not exceeding three months from the month-end of issue; various ninety-day limits are extended to four months and a fifteen-day post-attachment period is replaced by one month from the month-end of the attachment order. A new provision allows the Initiating Officer, with prior competent authority sanction, to tender immunity to a benamidar or other person (excluding the beneficial owner) on condition of full and true disclosure; accepted immunity shields against prosecution and penalties to the extent granted, but may be withdrawn for concealment or false evidence, permitting subsequent prosecution and penalties.
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Benami property law updated: extended response timelines and conditional immunity for benamidars to secure full disclosure.
The Act's procedures are amended to require a benamidar or beneficial owner served with a notice to furnish explanations within the notice period or an Initiating Officer-extended period not exceeding three months from the month-end of issue; various ninety-day limits are extended to four months and a fifteen-day post-attachment period is replaced by one month from the month-end of the attachment order. A new provision allows the Initiating Officer, with prior competent authority sanction, to tender immunity to a benamidar or other person (excluding the beneficial owner) on condition of full and true disclosure; accepted immunity shields against prosecution and penalties to the extent granted, but may be withdrawn for concealment or false evidence, permitting subsequent prosecution and penalties.
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