In this Act, the word is used to define a transaction in which the real beneficiary is not the one in whose name the property is purchased.
To address these deficiencies, several years later, in 2011, the Govt of India introduced "Benami Transactions (Prohibition) Bill, 2011".
[3][9] In an attempt to curb black money, in July 2016, Modi government decided to amend the original act[10] which was subsequently passed by the Parliament of India as "The Benami Transactions (Prohibition) Amendment Act, 2016".
[8] Mint newspaper reported that the Benami act along with the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, will help the Government in its fight against black money both within and outside the country.
"[8] The Act establishes four authorities who will be able to conduct inquiries regarding benami transactions:[12] On 26 July 2017, the Modi government told the Rajya Sabha that after coming into force from 1 November 2016, properties worth over ₹800 crore (US$122.85 million) were under attachment in more than 400 proxy transaction cases identified so far.