The Income Tax Department has warned those undertaking Benami transactions will face rigorous imprisonment up to 7 years. The violators of Benami Property Transactions Act,1988, will also be charged under the Income Tax Act. Besides they will also be liable to pay fine up to 25 per cent of fair market value of benami property. In advertisements issued in leading national dailies today, the Department asked the people not to enter into benami transactions as the new law has already come into force from November, 2016.It said, black money is a crime against humanity and every conscientious citizen should help the government eradicate it.The persons furnishing false information to the authorities are prosecutable under the Benami Act and may be imprisoned up to 5 years and a fine up to 10 per cent of fair market value of the property.The department made it clear that the benami property may be attached and confiscated by the government.<br/>