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. However, the reality was different. When will the deposit be repaid? Checkout some important links: They all are being monitored under IT scanner. People became scared that if they come out on their own with bulk of their demonetised notes, they may face criminal penalties. Pradhan Mantri Garib Kalyan Cess.
There is no option for cancellation of deposit in this scheme after creation of the Bond Ledger Account. Financial inclusion or inclusive financing is the pmgky of financial services at affordable costs to sections of disadvantaged and low-income segments of society, in contrast to financial exclusion where those pmgky are not available or affordable. What is Egmont Group? 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. The flaming fields of Punjab. The modified scheme with a period from December 17 to March 31st was announced on December 16th. Application and amount for the deposit in the form of Bond Ledger Account shall be received by any banking company, other than Co-operative Banks, to which the Banking Regulation Act, 10 of applies Authorised Banks.
Yes, nomination facility is available as per the provisions of the Government Securities Act and Government Securities Regulations, Many people have misused Jan Dhan Accounts and siphoned off money in illegal ways. The banks through which the deposit into this scheme was made will provide other customer services such as change of bank account details, cancellation of nominee etc. What is Egmont Group? India and its neighbourhood relations, International relations.
Where can declarants get the pmgy form? All the Indian citizens between visit web page of age eligible to dssay the scheme.
Essay on pmgky
On the date of maturity, the proceeds will be credited to the bank account as per the details on record. How will the declarant get the redemption amount? However, government has observed that hoarding of new currency could not be stopped and also, reports of fake currencies have emerged from few pockets.
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.
Who will provide other services to the declarants after deposit in the scheme? With a bank account, every household gains access to essay and credit facilities. Following is composition of the bill regarding the treatment of undisclosed income.
In what form will the essaay under this scheme be held? There is no option for cancellation of deposit in this scheme after creation of the Bond Ledger Account. It was hoped that with demonetisation, more such income will be declared after IDS. Updated as on February 28, 1. It is for the first time in 70years that government has thought of putting tax structure for rural development.
Transferability of the Bond Ledger Account shall be limited to nominee or to the legal heir of an individual holder, only in the event of death of the declarant.
On receipt of PAN, the details may be updated with the bank from which application was made. Search 18 th December http: The citizens should consider paying taxes as their fundamental duty and be a part of developing India and reduce gap between urban and rural India. Will any interest be paid on pgky deposit under the scheme?
All India Radio – PM Garib Kalyan Yojana, | IASbaba
These measures will be implemented after amending the relevant sections of the Income Tax Act No, the Bond Ledger Accounts are eszay tradable. 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.
o 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. Checkout some important links: 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.
Thus it might not be possible to completely do away with black money being generated and imported. No interest shall be paid for deposits made in this scheme.
The census says that 6. Security challenges and their management in essaj areas; linkages of organized crime with terrorism Terrorism has time and again raised …. Whether nomination facility is available for these investments? Can the deposit be made partly by cash and partly by cheque or other means?