Amendment of Section 24 of the Prohibition of Benami Property Transactions Act, 1988 (Amendments to the Prohibition of Benami Property Transactions Act, 1988)

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....t, 1988 relates to notice and attachment of property involved in Benami transaction. 2. The existing provisions of sub-section (3) of the said section 24 of PBPT Act do not provide for any time limit for a benamidar to furnish a reply to the notice issued under sub-section (1) or beneficial owner to file submissions on copy of said notice given to him under sub-section (2). 3. It is proposed to ....

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....ths from the end of the month in which notice under sub-section (1) of the said section is issued. 6. The existing provisions of sub-section (5) of said section 24 allow for a time period of fifteen days from the date of attachment order to the Initiating Officer to draw up a statement of the case and refer it to the Adjudicating Authority. 7. It is proposed to amend the said sub-section to incr....