The Central government is planning to announce rewards for information on benami property. Under this scheme any informant who tips off the investigative agencies about benami property will be entitled to a cash reward of Rs 1 crore.
The reward will range from Rs 15 lakh to Rs 1 Cr, sources in CBDT (Central Board of Direct Taxes) told news agency ANI. Concealing the identity of the informer is given special importance under this scheme as it would endanger the informer, also the information provided by the informer should be accurate to qualify for the reward.
“It would be a lot easier, faster and effective method of operation if we take the help of informers. If we have an attractive award prize for informers then our task will become easy and we will start cracking Benami property holders nationwide,” a senior CBDT official told ANI.
The new policy is being examined by the Finance Ministry and once it is approved by the Finance Minister it would be announced for the public. The policy is expected to be introduced by the end of October or the first week of November.
The Benami Transactions (Prohibition) Amendment Act, 2016 came into effect from November 1, 2016.