Income Tax Department has launched Benami Transactions Informants Reward Scheme-2018 to get people’s participation in its efforts to unearth black money and to reduce tax evasion.

Under the scheme, a person can get reward up to one crore rupees for giving specific information in a prescribed manner to the Joint or Additional Commissioners of Benami Prohibition Units in IT Department about benami transactions and properties as well as proceeds from such properties which are actionable.

Foreigners will also be eligible for such reward. The identity of the persons giving information will not be disclosed and strict confidentiality will be maintained.

The scheme is aimed at encouraging people to give information about benami transactions and properties as well as income earned on such properties by such hidden investors and beneficial owners.

In a statement. IT Department said the move came as it was found in many cases that black money was invested in properties in the names of others, even though benefits were enjoyed by the investor concealing his beneficial ownership in his tax returns.