Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Petrol Diesel Prices
Char Dham Yatra
Gyanvapi Mosque
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / India News / You could get Rs. 1cr for revealing benami properties
India

You could get Rs. 1cr for revealing benami properties

You could get Rs. 1cr for revealing benami properties
Written by Gogona Saikia
Edited by Supriya
Sep 23, 2017, 11:00 am 2 min read
You could get Rs. 1cr for revealing benami properties

Starting October-November, you could get a reward of up to Rs. 1cr for informing authorities about benami properties. Sources in the CBDT say they have already cleared the proposal and sent it to the Finance Ministry for approval. The identity of the informer will be kept a secret to protect them from danger, they have assured. Will it help the fight against black money?

About
What are benami properties?

'Benami' properties or assets are those which are not held in the name of the person who paid for it: usually such assets are held under name of family members, business associates, employees, friends or others. Separately, the person who holds the asset is unable to establish an income trail for purchase of such asset/property. The Benami Transactions (Prohibition) Act was passed in 1988.

Legal
What are the laws governing the benami framework?

The 1988 Benami Act although passed was never implemented or notified, as rules were never prescribed by the government. In 2011, a 'Benami Transactions (Prohibition) Bill 2011' was introduced by UPA government but was never passed. In July 2016, the BJP government amended the 1988 Benami Act and subsequently 'Benami Transactions (Prohibition) Amendment Act, 2016 (Benami Act) came into effect on November 1, 2016.

Information
What's the Centre planning now?

CBDT sources said if the policy being discussed goes through, 'secret informers' will get a minimum of Rs. 15L and a maximum of Rs. 1cr. The Finance Ministry is likely to approve the proposal and an announcement is likely by next month, they say.

Prospects
Will it help the fight against black money and corruption?

In May, the I-T said it had unearthed 400 benami deals and attached Rs. 600cr worth of properties linked to the deals. Data shows only 6% of black money is in cash whereas the rest is invested in real estate, gold and other assets. Encouraging tipping-off of benami properties might be a huge step towards a corruption-free economy.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Gogona Saikia
Gogona Saikia
Mail
“I may be on the side of the angels, but don’t think for one second that I am one of them.” Delhi University. Freethinker. “Social justice warrior”.
Supriya
Supriya
Mail
#GrammarNazi #TravelerAtHeart
Latest
Benami Act
UPA Government
Ministry of Finance
Benami Transactions
Bharatiya Janata Party (BJP)
Related
Latest
Redmi Note 11SE debuts with MediaTek Dimensity 700 SoC
Redmi Note 11SE debuts with MediaTek Dimensity 700 SoC Technology
Top 5 biographical movies that Hollywood has churned out
Top 5 biographical movies that Hollywood has churned out Entertainment
AS Roma win UEFA Europa Conference League title: Records broken
AS Roma win UEFA Europa Conference League title: Records broken Sports
2023 Honda CR-V previewed with hybrid badge ahead of debut
2023 Honda CR-V previewed with hybrid badge ahead of debut Auto
Five most tone-deaf things said by Hollywood celebrities
Five most tone-deaf things said by Hollywood celebrities Entertainment
Benami Act
I-T department attached benami-properties worth Rs. 4,300cr since new laws
I-T department attached benami-properties worth Rs. 4,300cr since new laws India
Journalist Upendra Rai arrested for extorting Rs. 15cr from builder
Journalist Upendra Rai arrested for extorting Rs. 15cr from builder India
I-T working on more, better rewards for tax evasion informers
I-T working on more, better rewards for tax evasion informers India
Will the Benami properties case be Lalu Prasad's undoing?
Will the Benami properties case be Lalu Prasad's undoing? Politics
I-T Dept unearths 400 Benami deals, attaches properties
I-T Dept unearths 400 Benami deals, attaches properties India
More News
UPA Government
Congress protests against rising inflation, fuel prices in Jaipur
Congress protests against rising inflation, fuel prices in Jaipur Politics
Rahul Gandhi speaks on dynasty criticism by BJP
Rahul Gandhi speaks on dynasty criticism by BJP Politics
Sena, anti-BJP parties should unite under UPA banner: Saamana
Sena, anti-BJP parties should unite under UPA banner: Saamana Politics
Agriculture Minister writes letter to farmers, PM urges to read
Agriculture Minister writes letter to farmers, PM urges to read India
MP: Deepika Padukone, other actors on fake rural job cards
MP: Deepika Padukone, other actors on fake rural job cards India
More News
Ministry of Finance
Sitharaman assures Sri Lanka of all possible assistance from India
Sitharaman assures Sri Lanka of all possible assistance from India World
Union Budget 2022: Here are the key takeaways
Union Budget 2022: Here are the key takeaways Business
Income Tax Returns deadline extended to March 15
Income Tax Returns deadline extended to March 15 Business
GST changes from January 1: Here's how it impacts prices
GST changes from January 1: Here's how it impacts prices Business
No proposal to recognize Bitcoin: Finance Ministry tells Parliament
No proposal to recognize Bitcoin: Finance Ministry tells Parliament Business
More News
Benami Transactions
Black money crackdown - CBI investigation uncovers shell company network
Black money crackdown - CBI investigation uncovers shell company network India
Benami properties to be turned into offices, residences
Benami properties to be turned into offices, residences India
4 lakh companies could be deregistered for not filing returns
4 lakh companies could be deregistered for not filing returns India
7 years of rigorous imprisonment for Benami Act violators
7 years of rigorous imprisonment for Benami Act violators India
Black money: Govt planning to close 6-7 lakh shell companies
Black money: Govt planning to close 6-7 lakh shell companies India
More News
Bharatiya Janata Party (BJP)
Joining BJP an option, AAP's strategy better than Congress: Patel
Joining BJP an option, AAP's strategy better than Congress: Patel Politics
Presidential polls: BJP, Opposition parties begin preparations in full swing
Presidential polls: BJP, Opposition parties begin preparations in full swing Politics
Bihar: Nitish Kumar's caste census puts BJP on sticky wicket
Bihar: Nitish Kumar's caste census puts BJP on sticky wicket Politics
SP's Azam Khan says inspector in jail warned of 'encounter'
SP's Azam Khan says inspector in jail warned of 'encounter' Politics
Shutting down madrassas, bringing UCC will benefit Muslims: Assam CM
Shutting down madrassas, bringing UCC will benefit Muslims: Assam CM Politics
More News
Related
IMA seeks Modi's intervention over attacks on doctors, misinformation campaigns
IMA seeks Modi's intervention over attacks on doctors, misinformation campaigns India
Next News Article
Next News Article

Love India news?

Subscribe to stay updated.

India Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022