Explain the salient features of the Benami Transactions (Prohibition) Act, 1998.

The Salient Features of the Benami Transactions (Prohibition) Act, 1988 are as under: It defines a benami transaction and benami property and also provides for exclusions and transactions which shall not be construed benami. It provides the consequences of entering into a prohibited benami transactions. It lays down the procedure for determination and related penal consequences in the case of a prohibited benami transaction. It also provides that the powers of civil court shall be available to authorities under the said Act. It empowers Central Government to make rules for the implementation of the provisions of the Act. It enables the Central Government in consultation with the Chief Justice of the High Court to designate one or more Courts of Session as Special Court or Special Courts. It provides penalty for entering into benami transactions and for furnishing any false documents in any proceeding under the Act.