The government and the RBI on Wednesday gave time till April 30 for “commensurate deposits” by people who have declared their unaccounted income under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) that allowed parking money in non-interest bearing deposits for four years.
The extension of time till April 30 has also been given to banks for uploading details into the RBI’s E-Kuber system.
The PMGKY, which opened on December 17, 2016, provided last chance to holders of undisclosed income to come clean by paying tax and penalty. The scheme closed on March 31.
In a press release, the RBI said, “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 March 31, to allow extension of time till April 30 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 April, 30 2017,” it added.
Separately, the Finance Ministry said in a notification in this regard, “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 March, 31, 2017…”
Earlier the “effective date” of opening of the Bonds Ledger Account was the date of tender of cash or the date of realisation of draft or cheque or transfer through electronic transfer.
Under the scheme, a person having undisclosed income in the form of cash or deposit in an account maintained with a specified entity (which includes banks and post office) could come clean by declaring such income and pay tax, surcharge and penalty totaling in all to 49.9 per cent of such declared income.
Also a mandatory deposit of 25 per cent of such income was to be made in the zero-interest bearing Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, for four years.