State the provisions regarding prohibition and punishment for 'Benami Transactions' given under the Benami Transactions (Prohibition) Act, 1988.

As per Section 3 of the Benamni Transactions (Prohibition) Act, 1988 no person shall enter into any benami transaction. 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. Where any person enters into any benami transaction on and after the date of commencement of the Benamni Transactions (Prohibition) Amendment Act, 2016, shall be punishable in accordance with the provisions contained in Chapter VII. Chapter VII deals with offences and prosecution. It provides that if a person is found guilty of offence of benami transaction by the competent court, he shall be punishable with rigorous imprisonment for a term not less than one year but which may extend to 7 years and shall also be liable to fine which may extend to 25% of the fair market value of the property.