<h1>Union Cabinet Approves Benami Transactions Bill 2011 to Strengthen Regulations and Penalties, Replacing 1988 Act.</h1> The Union Cabinet approved the introduction of the Benami Transactions (Prohibition) Bill, 2011, to replace the Benami Transactions (Prohibition) Act, 1988. The new bill addresses deficiencies in the previous legislation by defining benami transactions and properties, outlining prohibited transactions, and establishing penalties. It excludes properties held by a coparcener in a Hindu undivided family and those held in a fiduciary capacity. Transactions involving properties acquired in the name of close relatives are not prohibited. Violations aimed at evading laws or dues can result in imprisonment and fines, with benami properties subject to confiscation after due process.