PM GARIB KALYAN DEPOSIT SCHEME, 2016 (Convert black money into white)
1. Short title, commencement and application.—
(1) This Scheme may be called the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.
(2) It shall come into force from the 17th day of December, 2016 and shall be valid till 31st day of March, 2017.
(3) This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.
2. Eligibility for Deposits.— The deposit under this Scheme shall be made by any person who intends to declare undisclosed income under sub-section (1) of section 199C of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.
3. Form of the deposits.—
(1) The deposits shall be held at the credit of the declarant in Bonds Ledger Account
maintained with Reserve Bank of India. (2) A certificate of holding the deposit shall be issued to declarant in Form I.
(3)The Reserve Bank of India shall transfer the deposit received under this Scheme into the designated Reserve Fund in the Public account of the Government of India.
4. Subscription and Mode of investment in the Bonds Ledger Account.—
(1) The deposits shall be accepted at all the authorised banks notified by Government of India.
(2) The deposits shall be made in multiples of rupees one hundred.
(3) The deposit under sub-section (1) of section 199F by a declarant shall not be less than twenty-five per cent. of the undisclosed income to be declared under sub-section (1) of section 199C of the Act.
(4) The entire deposit to be made under sub-section (1) of section 199F under this Scheme shall be made, in a single payment, before filing declaration under sub-section (1) of section 199C.