We all should avoid supporting Benami transactions, so as to… achieve the target of USD 5 trillion economy: Raj Kumar Nahataa

This book is spread across twelve chapters in a manner to cover the historical background and the evolution of the benami law, chronologically from the 1988 Ordinance to the Act in its present form. These have been discussed in a lucid manner in tandem with the amendments made from time to time along with the case laws, in order to give an easy understanding of the scheme of the Act. The interplay of the PBPT Act with the allied laws has also been covered. The book has been concluded in the twelfth chapter with my observations on the present position, analysis and interpretation of the law by the Hon’ble Supreme Court, the issues that still remain unanswered and certain recommendations on the benami law in India.

What is the importance of ‘Comprehensive Guide on Benami Law’ and how this book will benefit India.

The ‘Comprehensive Guide on Benami Law’ covers in-depth analysis of the provisions of the law- chapter-wise, as it stands today. Each and every provision of the Act has been thoroughly examined and exhaustively dealt with. Despite the radical changes that the Act went through, several questions still remained unanswered. Extensive study, research, and analysis has been undertaken to bring this book to its present form and arduous efforts have been made to provide answers to such questions in the course of discussion in the book. This book shall be an encyclopedia on the Benami law for practitioners, authorities as well as other stakeholders.

This book shall also be a significant milestone in propagating the government’s objective behind this Law, i.e., to curb benami transactions, by alerting the innocent benamidars who lend their names, from being prosecuted under this Act. It also delivers a strong message to the professionals who can be prosecuted under this Act along with the beneficial owner and the benamidar as an abettor or inducer, if they facilitate such transactions.

Does your book cover the recent August 2022 ruling by Hon’ble Supreme Court on Benami law?

Yes, the book includes discussion on the interpretation of the law by the Hon’ble Supreme Court. The amended law triggered action by the Authorities, leading to numerous issues regarding interpretation of the law. The issues were answered differently by various High Courts across the nation. The major issue related to the applicability of the amended Law reached the Apex Court. In the last week of August 2022, the Hon’ble Supreme Court delivered its landmark verdict on the benami law in the Dealcom case. This decision is a significant milestone in the journey of benami law, wherein the most prominent provisions of the Original Act have been declared unconstitutional, disregarding the legislative intent of bringing an amendment instead of a fresh Act to retain its retrospective applicability. The said ruling holds great relevance in the present times, especially considering the fact that a review has already been filed against the same and is likely to be heard by the Apex Court soon. The book also includes discussion on the present position post this landmark decision and the issues that still remain unanswered.

How relevant it is in the present socio-political context?

This book deals with a current topic that is important in the present socio-political context. It is a milestone in establishing the policy of zero black money/corruption in the country that Prime Minister, Mr. Narendra Modi has envisaged. It brings the nuances of an important law to the society at large and will help them understand the benami transactions and their implications. As also stated earlier, this book gives a strong message deterring the benamidars as well as professionals from being involved in the benami transaction and avoid being prosecuted under this Act, so as to carry forward the objective of fighting black money/corruption in the country.

What interest does it serve to the young law enthusiasts?

This book is a game-changer, filling the void in the market. The book systematically collates the rulings of the various High Courts and Hon’ble Supreme Court and the ratios laid down on benami law, which will be of immense use to the readers. For the young law enthusiasts, this book will serve as a complete guide on the benami law in India, as it covers all theoretical as well as practical aspects in a very simple language. This book will help them exceptionally, as besides being explanatory, the Ordinance, Act, Amendment Acts, Rules, notifications, orders, parliamentary debates, Law Commission Reports, relevant extracts of the provisions of the allied laws and notifications issued thereunder are appended therein.

What are the main things your book focuses on?

A few key features of the book include:

Historical perspective of benami transactions and chronological evolution of benami law in India.
Detailed analysis of the provisions of the Act, incorporating latest amendments.
Recent rulings of various High Courts & Hon’ble Supreme Court and the ratios laid down on benami law.
Interplay of Benami law with other Acts like Income Tax, Black Money, Prevention of Money laundering etc.
Analysis of the Hon’ble Supreme Court’s ruling in the Dealcom case and its implications and the issues that still remain unanswered.
Recommendations on the benami law in India.
Entire reference material including Law Commission Reports, Bills, Parliamentary debates, Acts, Rules, Notification, Orders, etc provided at one place.

What is your message through this book to the public at large?

Through my book, I want to forward the strong message of our parliamentarians and our Hon’ble Prime Minister Narendra Modi to the public at large that they should not support the few beneficial owners who park their tainted money in the name of innocent benamidars and should not lend their names for petty gains. Also, my message to the professionals is that they should stay away from being involved in such transactions and not give their services in support of such beneficial owners to avoid being prosecuted under this Act as this is the only stringent law where the benamidars as well as abettors are liable to be prosecuted along with the beneficial owners. We all should avoid supporting such benami transactions, so as to carry forward the objective of fighting black money/corruption in the country and achieving the target of USD 5 trillion economy.