PRADHAN MANTRI GARIB KALYAN DEPOSIT SCHEME – DISCLOSURE DUE DATE EXTENDED TILL 30TH APRIL, 2017

The Reserve Bank of India (RBI) has extended another opportunity to the Indian Citizens who have yet not declared their undisclosed income to declare under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS).

RBI in a press release 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, 2017 for banks to upload details into RBI's E-Kuber system and for depositors to make commensurate deposits, if not already done."

Text of the notification

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.”

For further details regarding the calculation of tax and surcharge or the mode and manner or procedure to deposit the tax under this scheme, please contact at:

Compliance Chambers

Advisory & Consulting

Address F-2 / 151, Sector - 11

Rohini, New Delhi | Pin Code 110085

Email Us at: compliance.chambers@gmail.com

Website: https://compliancechambers.blogspot.in/

Abhimanyu Rajpurohit: +91 93100 48341, +91 7838060605

Manish Nama: +91 88007 22330, +91 88004 22330

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