Over the past one week, some companies acting as agents and marketing intermediaries of insurance companies have received notices under the Benami Transactions (Prohibition) Amendment Act, 2016, for allegedly routing funds to sidestep regulations.
Even if a benami transaction had happened long before November 2016, when the new, amended statute came into force, the parties would face the wrath of the law today if the property or asset in question is still being held , according to a recent ruling.