In a notification issued yesterday, the Ministry of Finance has extended the due date for deposit under Pradhan Mantri Garib Kalyan Yojna Deposit Scheme till April 30th 2017.
The Central Government had introduced the Pradhan Mantri Garib Kalyan Yojana, 2016 scheme to surrender their unaccounted money before the Government, after Income Declaration Scheme, 2016 and demonetisation.
According to the PMGKY scheme, the persons having undisclosed income in the form of cash or deposit in an account maintained with a specified entity (which includes banks, post office etc.) to declare such income and pay tax, surcharge and penalty totaling in all to 49.9 per cent of such declared income.The Scheme further, provides for a mandatory deposit of not less than 25% of the surrendered income with the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, which has been separately been notified by the Department of Economic Affairs.
The Finance Ministry has amended Clause 5 as follows:
“Now the effective date of opening of the Bonds Ledger Account shall be the date of receipt of deposits by the Reserve Bank of India (RBI) from the authorized banks; wherein the due tax, surcharge and penalty has been received till 31st March, 2017; Provided further that the date of deposit shall in no case be extended beyond 30th April, 2017”.
The notification emphasized that, the date of deposit shall in no case be extended beyond 30th April, 2017.
Read the full text of the Notification below.
