Budget 2024-25: Amendments to the Prohibition of Benami Property Transactions Act, 1988

The 2024-25 budget amends the Prohibition of Benami Property Transactions Act, 1988, by introducing a maximum three-month response time for benamidars or beneficial owners to respond to notices. The period for provisional attachment decisions by the Initiating Officer is extended to four months. Additionally, a new section 55A allows the Initiating Officer to offer immunity to benamidars who provide full disclosure, aiding in convicting beneficial owners. Non-compliance or false disclosures can lead to withdrawal of immunity and prosecution. These changes are effective from October 1, 2024.