The Government on Friday unveiled a reward scheme for those who report benami transactions, according to a new circular by the Income Tax Department. Under the “Benami Transactions Informants Reward Scheme, 2018”, individuals will be able to earn up to Rs one crore for providing specific information to the joint/additional commissioners of Benami Prohibition Units (BPUs). Giving information about stashed black money can fetch individuals up to Rs 5 crore, it added. The objective of the scheme is to engage public to reduce black money and corruption from the system.
In a post on microblogging site Twitter, the Income Tax Department said, “A new reward scheme titled “Benami Transactions Informants Reward Scheme, 2018”, has been issued by the Income Tax Department with the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money & to reduce tax evasion.”