Amendments to Benami Act: New Time Limits for Actions u/s 24 Effective October 2024.

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Full Text of the Document

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....The proposed amendments aim to introduce time limits for various actions u/s 24 of the Prohibition of Benami Property Transactions Act, 1988. Specifically, a maximum of three months is proposed for the benamidar or beneficial owner to file explanations or submissions after receiving notice. The period for the Initiating Officer to provisionally attach property or decide on continuing or revoking attachment is increased from 90 days to four months. The time for the Initiating Officer to refer the case to the Adjudicating Authority after attachment order is increased from 15 days to one month. These amendments are effective from October 1, 2024.....