State the provisions regarding punishment for Benami Transactions incorporated under the Benami Transaction (Prohibition) Act, 1988.

According to Benami Transactions (Prohibition) Act, 1988 where any person enters into any benami transaction in order to defeat the provisions of any law or to avoid payment of statutory dues or to avoid payment to creditors, the beneficial owner, benamidar and any other person who abets or induces any person to enter into the benami transaction, shall be guilty of the offence of benami transaction, he shall be punishable in accordance with the provisions contained in Chapter VII of the Act. Chapter VII of the Benami Transactions (Prohibition) Act, 1988 deals with offences and prosecution. Section 53 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. Section 54 relates to penalty for false information whereas Section 62 relates to consequences in case of offences by Company.