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White Collar Journal (July 2018)

The Income Tax Department of India has launched the Benami Transactions Informants Reward Scheme, 2018 (“Scheme”) to encourage people to provide information about ‘benami transactions’ which are usually undertaken with the objective of laundering undisclosed funds, commonly known in India as “black money”. Benami transactions are financial transactions where black money is invested in properties in the names of others, although benefits are enjoyed by the investor concealing his beneficial ownership. Presently, benami transactions are prohibited under the Benami Property Transactions Act, 1988.

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