Pradhan Mantri Garib Kalyan Deposit Scheme 2016
Key Points of PMGKDS 2016
- Eligible deposit : The deposit under PMGKDS 2016 shall be made by any person who declared undisclosed income under Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016. Read New Taxation Bill to Tax undisclosed Income received assent of President ,
- Where to make application for deposit :Application and amount for the deposit under PMGKDS 2016 (in the form of Bond Ledger Account) shall be received by any banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (Authorized Banks).Application for the deposit will be available at branches of authorized banks. It is also available in the Reserve Bank of India website [ Download Application form for Deposit]
- Nomination facility for deposit under PMGKDS 2016 : Nomination facility is available as per the provisions of the Government Securities Act 2006 and Government Securities Regulations, 2007. A nomination form is available along with Application form [Download nomination form ]. In case of cancellation/change in nomination, a separate form is to be filled and submitted to the authorized bank [Download Form for cancellation/change in nomination ]
- Date for making Deposit under PMGKDS 2016 :- The deposits under this Scheme shall be made in a single payment in any of the authorized banks from the 17th day of December, 2016 till 31st day of March, 2017
- Minimum and maximum limit for depositing under PMGKDS 2016 :-The deposit by a declarant shall not be less than twenty-five per cent of the undisclosed income declared under sub-section (1) of section 199C of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. Deposit shall be made in multiples of Rs 100.
- Payment options for depositing in PMGKS 2016 :The deposit shall be made in the form of cash or draft or cheque drawn in favour of the authorised bank accepting such deposit or by electronic transfer.
- Requirements of PAN for making deposit under PMGKDS 2016: Permanent Account Number (PAN) is the KYC document for individuals depositing in the scheme. If a declarant does not hold PAN, he shall apply for PAN and provide the details of such PAN application along with acknowledgement number to the bank while making the application. On receipt of PAN, the details may be updated with the bank from which application was made.
- Form of deposits :The deposit under PMGKDS 2016 shall be held at the credit of the declarant in Bond Ledger Accounts (BLA) maintained with Reserve Bank of India.
- No Interest on Deposit :No interest shall be paid for deposits made in this scheme.
- Acknowledgement of Deposit : On deposit under PMGKDS 2016 an acknowledgement receipt mentioning name of declarant and amount deposited will be duly authorized and provided by the bank from which application was made. Subsequently a certificate of holding for the Bond Ledger Accounts (BLA) will be issued which may be collected from the authorized bank.
- Deposit Repayment : Deposit under PMGKDS 2016 will be made after a period of 4 years from the effective date of deposit (ie., date of tender of cash or the date of realization of draft or cheque or transfer through electronic transfer) The redemption amount will be credited to the bank account furnished by the person in the application form. On redemption, the entire amount deposited into the scheme will be repaid.In case there are changes in any details, such as, account number, IFSC code, email ids etc then the investor must intimate Reserve Bank Of India , through the authorized banks promptly.
- No premature Redemption : Deposit under PMGKDS 2016 can not be prematured
- Bond Ledger Accounts (BLA) can not be gifted/transferred under PMGKDS 2016 : The BLAs cannot be gifted/transferred to any relative or friend. 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.
- Bond Ledger Accounts (BLA) Not Tradeable :
|New Taxation Bill to Tax undisclosed Income received assent of President ,||Taxation Laws (Second Amendment) Act, 2016..|
|Pradhan Mantri Garib Kalyan Deposit Scheme 2016||S.O. 4061(E).||16.12.2016|
|Jurisdiction for declation filed under PMGKY||S.O.4060(E).||16.12.2016|
|PMGKY Start Date 17.12.2016 and End Date 31.03.2017 |
|RBI FAQ’s on PMGKDS- Pradhan Mantri Garib Kalyan Deposit Scheme 2016||16.12.2016|
|PMGKDS 2016 – Operational Guidelines by RBI||16.12.2016|
New Taxation Bill to tax undisclosed income introduced in Lok Sabha by India -PMGKY -Govt Press Release 28.11.2016