(3) Nothing in this section shall apply: (a) whether the person in whose name the property is held is a manager of, or a co parcener in, a Hindu undivided family, and the property is held for)he benefit of the co parceners in the family, or (b) where the person in whose name the property is held is a trustee or other person standing in a fiduciary capacity, and the property is held for the benefit of another person for whom he is a trustee or towards whom he stands in such capacity." On 19th May 1988, the President of India promulgated the Benami Transactions (Prohibition of the Right to Recover Property) Ordinance, 1988 (No. 2 of 1988) "to prohibit the right to recover property held benami and for matters con nected therewith and incidental thereto" based on the sug gestion of the Law Commission of India made as far back as in 1973.