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of <h1>New Amendment to Benami Act: Section 55A Offers Immunity for Full Disclosure, Aims to Boost Convictions by Encouraging Cooperation.</h1> The proposed amendment to the Prohibition of Benami Property Transactions Act, 1988, introduces Section 55A, allowing the Initiating Officer to grant immunity from penalties to benamidars or other involved parties, excluding the beneficial owner, in exchange for full disclosure of benami transactions. This aims to encourage benamidars, often disadvantaged, to provide evidence against beneficial owners, enhancing conviction rates. The immunity can be revoked if the person fails to comply with disclosure conditions, leading to prosecution and penalties. This change, effective from October 1, 2024, seeks to balance penalties and improve enforcement against benami transactions.
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