Which are the authorized agencies where the application and amount of deposit will be accepted? Objective of the amendment is that the Government should get 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 economy. No interest shall be paid for deposits made in this scheme. 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 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. What are the procedures involved during redemption? In what form will the deposits under this scheme be held?
However, the reality was different. No, option for premature redemption of the BLA is not available. Queries about the scheme shall be forwarded to e-mail. More actions and programmes can be expected as the scheme gets sufficient funding through the cess. All India Radio March What is the minimum limit for depositing in the scheme?
After making the deposit, will any documentary evidence be issued? With a bank account, every household gains access to essay and credit facilities.
All you need to know about Pradhan Mantri Garib Kalyan Yojana (PMGKY)
It is also available in the Reserve Bank of India website. What is Robot tax?
Learn everyday with Experts!! India and its neighbourhood relations, International relations. Security challenges and their management in border areas; linkages of organized crime with terrorism Terrorism has time and again raised …. Application for the deposit will be available at branches of Authorised Banks.
People became scared that if they come out on their onn with bulk of their demonetised notes, they may face criminal penalties. Who will provide other services to the declarants after deposit in the scheme?
Best viewed in x resolution in IE 5 and above. 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. Food Subsidy is the star but may invite WTO attention.
Pradhan Mantri Garib Kalyan Yojana – Wikipedia
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. Subsequently a Certificate of Holding lmgky the BLA will be issued which may be collected from the Authorized Banks through which the deposit was made. 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, Yes, nomination facility is available as per the provisions of the Government Securities Act and Oh Securities Regulations, Repayment of the deposit will be made after a period of 4 years from the effective date of deposit ie.
No, the Bond Ledger Accounts are not tradable. Avail our expert help by enrolling with us to keep your knowledge updated and stay ahead of your competition. However, government has observed that hoarding of new currency could not be stopped and also, reports of fake currencies have emerged from few pockets. Current Pmky of Financial Pmgky in the Country: It is for the first time in 70years that government has thought of putting tax structure for rural development.
Will any interest be paid on the deposit under the scheme? This Tax pmgky to be essay as normally you essay. Are the BLAs tradable? Where can declarants get the application form? Details about the income revealed under the scheme will be kept secret. Following is composition of the bill regarding the treatment of undisclosed income. If a declarant does not hold PAN, he shall apply for PAN and provide the details of such PAN application along with acknowledgement number to the bank while making the application.
Search 18 th December http: Various money laundering activities were observed during the initial period of demonetisation. However, the reality was different. Pradhan Mantri Garib Kalyan Cess. The deposit amount is proposed to be utilised for the schemes of irrigation, housing, pmgkg, infrastructure, primary education, primary health, livelihood, etc. A nomination form is available along with Application form.