Section 3 in The Benami Transactions (Prohibition) Act, 1988
3. Prohibition of benami transactions
(1)No person shall enter into any benami transaction.(2)Whoever enters into any benami transaction shall be punishable with imprisonment for a term which may extend to three years or with fine or with both.(3)Whoever enters into any benami transaction on and after the date of commencement of the Benami Transactions (Prohibition) Amendment Act, 2016, shall, notwithstanding anything contained in sub-section (2), be punishable in accordance with the provisions contained in Chapter VII.
