Benami transaction liability: criminal punishment and fines apply, with possible immunity for disclosed cooperation.

Entering into a benami transaction after 1 November 2016 creates criminal liability for the beneficial owner, benamidar and any abettor where the transaction is for defeating law, avoiding statutory dues or evading creditors; punishments include imprisonment and a penalty tied to the property's fair market value, while the Initiating Officer may, with competent authority sanction, grant immunity from penalty to benamidar or others (excluding the beneficial owner) conditioned on full and true disclosure.

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