The new law to prohibit benami transactions will come into effect from 1st of next month (01st November 2016). Parliament had passed the Benami Transactions (Prohibition) Amendment Act, 2016 to curb black money.
After coming into effect, the existing Benami Transactions (Prohibition) Act, 1988 will be renamed as the Prohibition of Benami Property Transactions, PBPT, Act, 1988. The new legislation provides for seven years imprisonment and fine for those indulging in illegal transactions.
Source- Business Standard