The correct answer is (i) and (iv) only. Important Points The Benami Transactions (Prohibition) Act, 1988 came into force in May 1988. In order to curb the black money, the Government amends the Act as The Benami Transactions (Prohibition) Amendment Act, 2016. The objectives of the Act were to prohibit Benami transactions and Provide for confiscating benami properties and for matters connected therewith & incidental thereto. Benami Transactions shall not include any transaction if the following conditions are satisfied: Possession of the property given to the person who has provided consideration but the person who grants possession continues to hold ownership. The contract and the Stamp duty. Any person enters into a Benami Transaction to defeat the provisions of any law or to avoid payment of statutory dues or to avoid payment to creditors penalty up to 25 % of FMV of the property and imprisonment of 1- 7 years. For providing False Information to any authority under this Act penalty up to 10 % of the FMV of the property and imprisonment of 6 months- 5 years.