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PM Garib Kalyan Deposit scheme: April 30, 2017 fixed as deadline for making deposit

By TIOL News Service

NEW DELHI , APRIL 20, 2017: THE Government has, in exercise of the powers conferred by clause (c) of Section 199B of the Finance Act, 2016, amended through a notification the conditions specified in clause 5 of the Pradhan Mantri Garib Kalyan Deposit Scheme.

It has now been decided by the Government of India, in case of persons who had filed the declaration by depositing tax, surcharge and penalty under PMGKDS on or before March 31, 2017, to allow extension of time till April 30, 2017 for banks to upload details into RBI's E-Kuber system and for depositors to make commensurate deposits, if not already done.

The date of deposit and uploading would not be extended beyond April 30, 2017.

It may also be noted that, the effective date of opening of the Bond Ledger Account shall be the date of receipt of deposits by the Reserve Bank of India (RBI) from the authorized banks. Paragraph 5 of the original notification No. S.O. 4061 (E) dated December 16, 2016, stands amended to this effect.

The Government of India, in consultation with the RBI, had notified Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 vide notification no. S.O. 4061 (E) dated December 16, 2016. The deposit under this scheme shall be made by any person who declared undisclosed income under Pradhan Mantri Garib Kalyan Yojana, 2016.

 


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