PMGKY deposits cannot be accepted by Cooperative Banks

Q.  Cooperative banks cannot accept deposits under PMGKY. Which banks can?
- Published on 23 Jan 17

a. PSU banks
b. Private banks
c. Banks to which Banking Regulations Act 1949 applies
d. All of the above

ANSWER: Banks to which Banking Regulations Act 1949 applies
 
PMGKY deposits cannot be accepted by Cooperative BanksUnion Government has notified that cooperative banks are not authorised to accept deposits under PMGKY.

PMGKY stands for Pradhan Mantri Garib Kalyan Yojana.

The deposits under this scheme can be accepted by any banks to which Banking Regulation Act 1949 (10 of 1949) applies.

Scheme allows assesses to disclose previously unaccounted and non-declared income under the ambit.

The PMGKDS permits voluntary declarations of previously undisclosed income with effective tax rate of 50 percent.

It requires assesses to deposit further 25% of such wealth into 4 year interest free deposit.

PMGKY: Know More
  • This is a voluntary black money declaration under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).
  • Those with unaccounted cash can disclose it under PMGKY scheme by paying 50 percent tax and penalty before 31 March, 2017.
  • It is also a poverty alleviation program with proceeds of the income declaration going to the marginalised.
  • The scheme was launched on 17 December 2016. It will remain open for declarations upto 31 March 2017.

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