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

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.”