The Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) had commenced on 17th December, 2016 and was open for declarations up to 31st March, 2017.
Representations from stakeholders have been received stating that in some cases tax, surcharge and penalty have been paid on or before 31st March, 2017 but the corresponding deposit under the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 could not be made by the said date. Accordingly, DEA vide notification S.O.1218(E) dated 19th April, 2017 has extended the date of making deposit under the Deposit Scheme up to 30th April, 2017 in respect of cases where tax, surcharge and penalty under PMGKY has been paid on or before 31st March, 2017.
Subsequently, CBDT vide Circular No.14 of 2017 dated 21st April, 2017 has extended the date of filing of declaration under PMGKY to 10th May, 2017 in cases where tax, surcharge and penalty under PMGKY has been paid on or before the 31st March, 2017, and deposit under the Deposit Scheme has been made on or before the 30th April, 2017.
The deposits under this scheme shall be made by any person who declares undisclosed income under sub-section (1) of section 199C of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. The deposits will be held at the credit of the declarant in Bonds Ledger Account maintained with the Reserve Bank of India. A certificate of holding shall be issued to the declarant in Form I. The Reserve Bank of India shall transfer the deposit received under this Scheme into the designated Reserve Fund in the Public account of the Government of India.
The transferability of the Bonds Ledger Account shall be limited to nominee or to the legal heir of an individual holder, in the event of his death. The deposits shall not bear any interest. The Bonds Ledger Account shall not be tradable. The Bond Ledger Account shall be repayable on the expiration of four years from the date of deposit and redemption of such Bond Ledger Account before its maturity date shall not be allowed.