Updated By: LatestGKGS Desk
Government Introduces New Benami Reward Scheme: Informants Can Earn Upto Rs 5 Crores
Government Introduces New Benami Reward Scheme: Informants Can Earn Upto Rs 1 Crore - 5 Crores- Details, Features, Rewards
The Government of India, under Prime Minister Narendra Modi regime on 1st June 2018, introduced a reward scheme to check on benami properties.
The scheme named as Benami Transactions Informants Reward Scheme-2018 promises to give a personnel a reward of upto Rs 1 crore for giving specific information about benami property in a prescribed manner. Giving information about stashed black money can fetch an individual up to Rs 5 crores
For becoming eligible for the Benami Transactions Informants Reward Scheme-2018, the informant is required to provide specific details about the benami property in a prescribed manner to the Joint or Additional Commissioners attached with the Benami Prohibition Units (BPUs) in Investigation Directorates of Income Tax Department.
The information provided under the reward scheme must be actionable under Benami Property Transactions Act, 1988 which was amended as the Benami Transactions (Prohibition) Amendment Act, 2016.
The foreigners are also eligible for the reward if they provide actionable information that leads to the discovery of benami property. The identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained.
The Benami Transactions Informants Reward Scheme-2018 is a follow up of what Union Finance Minister Arun Jaitley had proposed in Union Budget-2018.
Benami Property
Benami property is an asset bought by an individual or an entity but not under their own names. These transactions are done in a way to escape taxmen and payments are usually made out of undisclosed sources of income of the buyers.
