Tag Archives: PMGKDS-2016

Amendment to PMGKDS-2016. Extension of time till 30.04.2017 for banks to upload details and for depositors to make deposits

Amendment to PMGKDS-2016. Extension of time till 30.04.2017 for banks to upload details and for depositors to make commensurate deposits, if not already done

Amendment to PMGKDS-2016

Reserve Bank of India

Date : Apr 19, 2017

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 – Amended

he Government of India, in consultation with the Reserve Bank of India, 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.

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 31.03.2017, to allow extension of time till 30.04.2017 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 30th April, 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 from the authorized banks. Paragraph 5 of the original notification No. S.O. 4061 (E) dated December 16, 2016, stands amended to this effect.

Anirudha D. Jadhav
Assistant Manager

Press Release : 2016-2017/2834

Government of India
Ministry of Finance
Department of Economic Affairs

New Delhi, dated the April 19, 2017

NOTIFICATION

Amendment to Pradhan Mantri Garib Kalyan Deposit Scheme, Notification No.S.O.4061 E

1. S.O. —In exercise of the powers conferred by clause (c) of section 199B of the Finance Act, 2016 (28 of 2016) (hereinafter referred to as the Act), the Central Government hereby amends the conditions specified in clause 5 of the Pradhan Mantri Garib Kalyan Deposit Scheme notified vide Notification No.S.O.4061 (E) dated December 16, 2016, amended vide Notification No. S.O. 204(E) dated January 19, 2017 and further amended vide Notification No. S .O. 365 (E) dated February 07, 2017.

2. In place of clause 5 of the original notification the following shall be substituted:

“5. Effective date of deposit – The effective date of opening of the Bonds Ledger Account shall be the date of receipt of deposits by the Reserve Bank of India from the authorized banks; wherein the due tax, surcharge and penalty has been received till 31st March, 2017;

Provided further that the date of deposit shall in no case be extended beyond 30th April, 2017.”

PMGKDS 2016 Form V reference number to be quoted on while uploading the same renamed as Deposit Reference Number- RBI

PMGKDS 2016 Form V reference number to be quoted on while uploading the same renamed as Deposit Reference Number- RBI Clarification

PMGKDS 2016 Form V reference number

RBI/2016-17/251

IDMD.CDD.No. 2347/14.04.051/2016-17

March 16, 2017

The Chairman/CEO/ Managing Director,
All Authorised Banks,
(All Banks to which Banking Regulation Act, 1949 applies)

Dear Sir/Madam,

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 – Clarification

Please refer to our letter IDMD.No.1451/08.03.016/2016-17 dated December 16, 2016 and Notification No. S.O. 4061(E) dated December 16, 2016 issued by the Government of India about announcement of “Praqdan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016. It has been brought to our notice that there is lack of clarity amongst investors on the reference number that needs to be quoted on Form V while uploading the same to the Income tax Authorities.

Currently, banks are issuing an acknowledgement for having received the amounts under PMGKDS. The details of the deposit are then entered in the Bank’s e-kuber application which generates a “Subscription Receipt”. The “Subscription Receipt” which is a system generated receipt, has an “Issue Reference No”. This reference number will need to be quoted by the investor in the Form V of Income Tax Authorites, prior to uploading the same.

In order to bring in greater clarity, the nomenclature of “Issue Reference No” generated by e-kuber is being renamed as “Deposit Reference No”. Necessary changes have been made in RBI’s e-Kuber application to reflect this change. The staff of receiving banks under PMGKDS may be sensitized to take note of above changes and advise the depositors of PMGKDS, 2016 accordingly.

Yours faithfully,

(A. Mangalagiri)
Chief General Manager

PMGKD Scheme 2016-Deposits on one or more occasions allowed to be made by declarants

PMGKD Scheme 2016-Deposits on one or more occasions allowed to be made by declarants u/s Section 199F(1). Amendment in PMGKD Scheme 2016. 

PMGKD Scheme 2016-deposits on one or more occasions

Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016; Government decides to allow declarants to make deposits on one or more occasions in the PMGKDS, 2016

The Government of India, in consultation with the Reserve Bank of India (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. The deposit sum, which shall not be less than twenty-five per cent of the declared undisclosed income, can be deposited at the authorized banks (as notified by Government of India) from December 17, 2016 (Saturday) to March 31, 2017 (Friday).

In this connection, the Government of India has decided to allow declarants to make deposits on one or more occasions in the PMGKDS, 2016. Accordingly, para 4(4) of the notification stands amended as under:

4. Subscription and Mode of investment in the Bonds Ledger Account- (4), the deposit to be made under sub-section (1) of Section 199F under this Scheme can be made, on one or more occasions. The deposits shall be made before filing declaration under sub-section (1) of section 199C.”

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PMGKDS 2016-Co-operative Banks not authorised to accept deposits-Ministry of Finance

PMGKDS 2016-Co-operative Banks not authorised to accept deposits. Para 7 (1) of the notification has been amended in this regard. Ministry of Finance 

PMGKDS 2016-Co-operative Banks not authorised

Ministry of Finance

Dated: 20/01/2017

Press Release

Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

The Government of India, in consultation with the Reserve Bank of India, 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. The deposit sum, which shall not be less than twenty-five per cent of the declared undisclosed income, can be deposited at the authorized banks (as notified by Government of India) from December 17, 2016 (Saturday) to March 31, 2017 (Friday). 

In this connection, it is clarified that Co-operative Banks are not authorised banks to accept deposits under PMGKDS, 2016. Para 7 (1) of the notification stands amended as under: 

“7. Authorised banks.—(1) Application for the deposit in the form of Bonds Ledger Account shall be received by any banking company, other than Co-operative Banks, to which the Banking Regulation Act, 1949 (10 of 1949) applies.” 

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PMGKY-2016-acceptance of demonetized currency for deposits tax, penalty, surcharge. CBDT asks Officials to popularise the fact

PMGKY-2016-acceptance of demonetized currency for deposits  tax, penalty, surcharge. CBDT asks Officials to popularise the inclusion of the fact in RBI FAQ

PMGKY-2016-acceptance of demonetized currency

F. No. 385117/20 16-IT(B)
Government of India
Ministry of Finance
Central Board of Direct Taxes

New Delhi, Dated: 27.12.2016

To,
All Principal Chief Commissioners and Principal Directors General of lncome-tax

Madam/ Sir,

Subject:-Acceptance of demonetized currency for making payments towards tax, penalty, surcharge and deposit under the Pradhan Mantri Garib Kalyan Yojana-2016.

Kindly refer to the Press Release dated 22.12.2016 of CBDT on the captioned subject where it was clarified that up to 30.12.2016, payment towards tax, surcharge, penalty and deposit under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) can be made in old Bank Notes of Rupees 500 and Rupees 1000 denomination  issued by the RBI.

2. It has been reported by some Charges that since the Reserve Bank of India (RBI) had not issued FAQs or directions to the banks to accept old demonetized noted for payments under PMGKY , some of the banks were not clear about the acceptability of the old notes for the purposes of PMGKY .

3. In this regard it is stated that RBI has issued revised FAQs today (available at rbi.org.in) and inter alia incorporated Question No. 29 to deal with the issue, which is reproduced as under:

“29. Can payments  towards tax, penalty, surcharge and deposit under PMGKY be made in SBNs?

The Central Government has decided that up to 30.12.2016, the payment towards tax, surcharge , penalty and deposit under the Pradhan Mantri Garib KalyanYojana (PMGKY), can be made in Old Bank Notes of 500 and 1,000 denomination issued by the RBI  The Taxation and  Investment  Regime for  Pradhan  Mantri  Garib  KalyanYojana  (PMGKY),  2016  has commenced on 17th December, 2016 and is open for declarations upto 31st March, 201 7. The payment of tax, surcharge and penalty under the Scheme is to be made through challan ITNS 287 and the deposits are to be made in the Pradhan Mantri Garib Kalyan Deposit Scheme2016. The notifications relating to PMGKY are availablon the website www.incometaxindia.gov.in”

14. It is requested that the above clarification issued by RBI may kindly be urgently brought to the notice of the taxpayers and the banks in your Region so that payments under PMGKY in old demonetized currencies are accepted by the banks without any difficulty to the taxpayers.

Yours faithfully,

(Anand Jha)
Commissioner (IT&CT)
Tel: 23092153 anand.jha@nic.in