New Delhi, June 1: The government on Friday launched a new reward scheme under which a person can get maximum of Rs five crore for information on 'benami' (proxy) transactions and properties.

The "Benami Transactions Informants Reward Scheme" is aimed at encouraging people to give information about benami transactions and properties as well as income earned on such properties by hidden investors and beneficial owners, the Finance Ministry said.

This will help the Income Tax Department in its efforts to unearth black money and to reduce tax evasion.

Under the scheme, a person can get a reward of up to Rs one crore for giving specific information to tax officials about benami transactions and properties.

"Foreigners will also be eligible for such reward. Identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained," the Ministry said.

"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," it added.

(The above story first appeared on LatestLY on Jun 01, 2018 04:22 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).