Benami Transaction Act, 2017 (بینامی ٹرانزیکشن ایکٹ 2017)
Benami Transactions (Prohibition) Act, 2017 is a federal statute. It was enacted to provide for prohibition of holding property in benami and restrict the right to recover or transfer property held benami and provide mechanism and procedure for confiscation of property held benami. The intent and object of Benami Transactions (Prohibition) Act, 2017 is that the Benami Prohibition Act should come into play if a property was purchased in the name of a person who according to his social status is unable to purchase any property by his own means. The benami law provides for and establishes authorities to exercise jurisdiction and initiate proceedings under law i.e. initiating officer, approving authority, administrator and adjudicating authority. The initiating officer having a reasonable belief on the basis of information in his possession may issue a notice of show cause to any person holding a benami property and after inquiry and collecting evidence refer the matter to adjudication authority. The offences triable under Benami Act shall be tried by the Courts of Session designated as special courts however, such a transaction shall strictly fall within the ambit/procedures and four corners prescribed by law. (see also Jurisdiction of Civil Courts in Benami Transactions).
