New Delhi: The government and the RBI on Wednesday gave time till 30 April 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 30 April has also been given to banks for uploading details into the RBI’s E-Kuber system. The PMGKDS, which opened on 17 December last year, provided a last chance to holders of undisclosed income to come clean by paying tax and penalty.
The scheme closed on 31 March. 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 authorised 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% of such declared income.
Also, a mandatory deposit of 25% of such income was to be made in the zero-interest bearing PMGKDS for four years.