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. 

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