PART V
AMENDMENT TO THE BENAMI TRANSACTIONS (PROHIBITION) ACT, 1988
(45 OF 1988)
AMENDMENT
In section 3, for sub-section (2), the following sub-
section shall be substituted, namely:-
`(2) Nothing in sub-section (1) shall apply to -
(a) the purchase of property by any person in
the name of his wife or unmarried daughter and it
shall be presumed, unless the contrary is proved,
that the said property had been purchased for the
benefit of the wife or the unmarried daughter;
(b) the securities held by a -
(i) depository as a registered owner
under sub-section (1) of section 10 of the
Depositories Act, 1996;
(ii) participant as an agent of a
depository.
Explanation :- The expressions "depository" and
"participant" shall have the meanings respectively assigned to
them in clauses (e) and (g) of sub-section (1) of section 2 of
the Depositories Act, 1996'.
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