Section 3. Prohibition of benami transactions.

1[3. Prohibition of benami transactions.--(1) No person shall enter into any benami transaction. 2 * * * * * 3 [(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. 4 [(3) Whoever enters into any benami transaction on and after the date of commencement of the Benami Transactions (Prohibition) Amendment Act, 2016 (43 of 2016) shall, notwithstanding anything contained in sub-section (2), be punishable in accordance with the provisions contained in Chapter VII.] 5 * * * * *