Para 1 - Introduction - Benami Transactions Informants Reward Scheme, 2018

F. No. 299/31/2017-Dir (Inv. III)/22 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes A. R. A. Centre (Ground Floor), E-2, Jhandewalan Extension, New Delhi 110055, Dated: 23.4.2018 To, All Principal Chief Commissioners of Income Tax (CCA) All Directors General of Income Tax (Investigation) Sir/Madam, Sub: Benami Transactions Informants Reward Scheme, 2018 The Board has introduced the reward scheme for informants giving information of benami property actionable under Prohibition of Benami Property Transactions Act, 1988, as amended by Benami Transactions (Prohibition) Amendment Act, 2016 , which is elaborated as under. 1. Introduction: (a) The Benami Transactions Informants Reward Scheme, 2018 (hereinafter referred to as the Scheme for brevity) is hereby introduced for regulating grant and payment of reward to a person who is an informant under this Scheme. A person can get reward up to Rs. One crore for giving specific information of benami property. Identity of the informant shall be kept confidential. (b) As per the Prohibition of Benami Property Transactions Act, 1988 , as amended by Benami Transactions (Prohibition) Amendment Act, 2016 (hereinafter referred to as the Act for brevity), any property acquired by a person in the name of a benamidar (other than his close family members or in fiduciary capacity), is liable to be attached and subsequently confiscated and all persons involved in such benami transactions are liable to be prosecuted which carries rigorous imprisonment for term up to seven years. Amended provisions of the Act have come into force with effect from 1st November, 2016. Details of the scheme are given below.