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<h1>Prohibition of benami transactions creates criminal liability with imprisonment or fine under the amended penal framework.</h1> Section 3 proscribes benami transactions, making it an offence for any person to enter into a benami transaction punishable by imprisonment up to three years, or fine, or both, and provides that transactions entered into after the legislative amendment are punishable in accordance with the reworked penal provisions in the statute.