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of <h1>Post-01-11-2016 benami law: owners, benamidars and abettors face 1-7 years jail and fine up to 25% FMV; immunity from 01-10-2024</h1> For benami transactions entered on or after 01-11-2016, the beneficial owner, the benamidar and any person who abets or induces the transaction are guilty of an offence if done to defeat law, evade statutory dues or creditors; convicted persons face rigorous imprisonment of one to seven years and a fine up to 25% of the property's fair market value. From 01-10-2024, the Initiating Officer may, with prior sanction of the competent authority, grant immunity from penalty to the benamidar or any other person (not the beneficial owner) who makes a full and true disclosure.
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