<h1>Benami Transactions Act Amended: Stricter Penalties, Property Confiscation, and New Adjudicating Authority Effective November 2016.</h1> The Benami Transactions (Prohibition) Amendment Act, 2016, effective from November 1, 2016, amends the Benami Property Transactions Act, 1988. The revised act prohibits benami transactions, imposes penalties including imprisonment and fines, and allows for the confiscation of benami properties by the government without compensation. It establishes an appellate mechanism through an Adjudicating Authority and Appellate Tribunal, as specified in the Prevention of Money Laundering Act, 2002. Additionally, specific tax officials have been designated to execute roles under the act, with all relevant notifications available on the Income Tax Department's website.