Para 8 - Amount and stage of granting interim and final reward - Benami Transactions Informants Reward Scheme, 2018

8. Amount and stage of granting interim and final reward: (i) Interim reward up to 1% (one per cent) of the fair market value, as defined in the Act, of movable property, and circle rate, as defined in this Scheme, of immovable property, provisionally attached under section 24(4) of the Act may be granted by the competent authority on fulfillment of eligibility conditions under the scheme subject to the maximum ceiling of an amount of interim reward of Rs. Ten lakh in respect of information of a single benami property. (ii) Final reward up to 5% (five per cent) of fair market value, as defined in the Act, of movable property, and circle rate, as defined in this Scheme, of immovable property, confiscated under the Act may be granted by the competent authority on fulfillment of eligibility conditions under the scheme. While granting the final reward, the amount of interim reward paid, if any, shall be reduced from the total final reward granted. However, maximum amount of total reward (interim and final) in respect of a single benami property shall be limited to Rs. One crore. (iii) If there are more than one benami properties informed in a single Annexure A form, reward shall be computed on the basis of entitlement applying the above percentage rates and maximum limits individually for each benami property. (iv) If the informant has claimed reward under this Scheme as well as Income Tax Informants Reward Scheme, 2018, based upon substantially same facts (as was given for claiming reward under this scheme) and if the same is separately found eligible for grant of reward in accordance with this Scheme as well as the Income Tax Informants Reward Scheme, 2018, the total amount of reward under both the schemes taken together shall not exceed the maximum permissible amount under the Income Tax Informants Reward Scheme, 2018, or this Scheme, whichever is higher. In other words, if an informant is found eligible for reward under both the Schemes for information relating to the Act and the Income Tax Act, 1961, the total maximum reward under the two Schemes shall be restricted to ₹ 1 (one) crore as is the limit in this Scheme and if an informant is found eligible for reward under both the Schemes for information relating to the Act and the Black Money (Undisclosed Foreign Income and Assets) Act, 2015 , the total maximum reward under the two Schemes shall be restricted to ₹ 5 (five) crore as is the limit in Income Tax Informants Reward Scheme, 2018.