The Pradhan Mantri Garib Kalyan Cess is thus, a cess imposed on those who discloses undisclosed income out of their savings made in banks after the demonetization day. A nomination form is available along with Application form. Will any interest be paid on the deposit under the scheme? Queries about the scheme shall be forwarded to e-mail. Mar 24, I-T dept warns black money holders: However, the reality was different.
Current Status of Financial Pmgky in the Country: Tamil Nadu man makes whopping Rs cr banned notes pmgky The PMGKY click here is an essay scheme devised by the government in December aimed at encouraging tax evaders who are stuck with banned notes in the wake of demonetisation. When will the deposit be repaid? Whether nomination facility is available for these investments? The deposit by a declarant shall not be less than twenty-five per cent of the undisclosed income declared under sub-section 1 of section C of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, The modified scheme with a period from December 17 to March 31st was announced on December 16th.
All you need to know about Pradhan Mantri Garib Kalyan Yojana (PMGKY) ~ AspirantsZone
Kn deposit shall be made in the form of cash or draft or cheque drawn in favor of the Authorized Bank accepting such deposit or by electronic transfer. No, the Bond Ledger Accounts are not tradable.
In what form will the deposits under this scheme onn held? It has two components -one for disclosing persons and the other one for non-disclosing and caught with undisclosed income.
What is Pradhan Mantri Garib Kalyan Yojana (and PMGKYCess)?
Along with this cess, tax, and penalties on undisclosed income or black income stored in banks follwing demonetization is a major action taken by the Government to tackle black money. It is for the first time in 70years that government has thought of putting tax structure edsay rural development.
Thus it might not be possible to completely do away with black money being generated and imported. Many people have misused Jan Dhan Accounts and siphoned off money in illegal ways. The deposit by a declarant shall not be less than twenty-five per cent of the undisclosed income declared under sub-section 1 of section C of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, The flaming fields of Punjab.
When can a declarant make the deposit into the scheme?
This shows that government is serious about tackling black money and is providing people opportunity to disclose it with minimum punishment. Queries about the scheme shall be forwarded to e-mail. On the date of maturity, the proceeds will be credited to the bank account as per the details on record.
Best viewed in x resolution in IE 5 and above. However, government has observed that hoarding of new currency could not be stopped and also, reports of fake currencies have emerged from few pockets.
Details about the income revealed under the scheme will be kept secret. Can the deposit be made partly essya cash and partly by cheque or other means? Will any interest be paid on the deposit under the scheme? On deposit, an acknowledgement receipt mentioning name of declarant and amount deposited will be duly authorized and provided by the bank from which application pgmky made. In case there are changes in any details, such as, account number, IFSC code, etc then the investor must intimate Reserve Bank of Indiathrough the Authorised Banks promptly.
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Avail our expert help by enrolling with us to keep your knowledge updated and stay ahead of your competition. What is Robot tax? Pradhan Mantri Garib Kalyan Yojana was launched in Aprilaims to improve the living standard of the poor people especially those who are BPL through concrete government initiatives.
This will be locked for four years. With a bank account, every household gains access to essay and credit facilities. It was hoped that with demonetisation, more such income will be declared after IDS. Objective of the amendment is that the Government should pmgjy additional revenue for undertaking activities for the welfare of the poor but also the remaining part of the declared income legitimately comes into the formal ppmgky. Are the BLAs no
Indian black money – Wikipedia
After making the deposit, will any documentary evidence be issued? Next post Interview Discussion – Day 24 March 21, Whether nomination facility is available for these investments? Tamil Nadu man makes whopping Rs cr banned notes pmgky The PMGKY click here is an essay scheme devised by the government in December aimed at encouraging tax evaders who are stuck with banned notes in the wake of demonetisation.
Updated as on February 28, 1.