Benami property

Central Govt of India is in thought to announce a reward of 1 Cr to those who inform about the Benami Properties. In a bid to curb the Benami and uncounted properties, the Narendra Modi Led NDA is planning to give out cash rewards to encourage secret informers. If everything goes well, official announcement by the Govt might be out in Next Month.

According to close sources,the informers who give tip-offs to investigative agencies regarding the Benami Properties will get minimum Rs 15 lakh and maximum Rs 1 crore.At present, the Policy is in making stage the anonymity of those will not be disclosed. According to a senior Central Board of Direct Taxes (CBDT) official, the information will have to be acute, and identity of the informer will be kept secret. The department will never disclose the identity as this could endanger the informer.

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The Benami Property Law introduced last year lacked this provision. It is a common practice by the Enforcement Directorate ED, the Income Tax department and Directorate of Revenue Intelligence to reward informers. The reward, however, is not so lucrative.

After the demonetization process, Centre is taking steady but severe steps in curbing the black money. Many Black Money holders were brought into the radar by the officials. Now Indian Govt is drafting a new scheme to bring the many money.

From November 1, 2016, The Benami Transactions Amendment Act, 2016 came into effect. All the Benami properties, both movable and immovable identified by the Tax department will be attached.

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