Pradhan Mantri Garib Kalyan Yojana

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Not to be confused with Pradhan Mantri Garib Kalyan Yojana, 2020.

Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) (English, Prime Minister's Poor welfare scheme) is a scheme launched by the Narendra Modi led Government of India in December 2016 on the lines of the Income declaration scheme, 2016 (IDS) launched earlier in the year. A part of the Taxation Laws (Second Amendment) Act, 2016, the scheme provides an opportunity to declare unaccounted wealth and black money in a confidential manner and avoid prosecution after paying a fine of 50% on the undisclosed income. An additional 25% of the undisclosed income is invested in the scheme which can be refunded after four years, without any interest.[1][2][3]

Valid from December 16, 2016 to March 31, 2017, the scheme can only be availed to declare income in the form of cash or bank deposits in Indian bank accounts and not in the form of jewellery, stock, immovable property, or deposits in overseas accounts.[4][5]

Not declaring undisclosed income under the PMGKY will attract a fine of 77.25% if the income is shown in tax returns. In case the income is not shown in tax returns, it will attract a further 10% penalty followed by prosecution.[5]

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References[]

  1. ^ "Government announces new income declaration scheme 'PM Garib Kalyan Yojana'; stringent penalties prescribed". The Economic Times. Retrieved 19 January 2017.
  2. ^ "New income disclosure scheme: Do or die for black money holders". www.moneycontrol.com. Retrieved 19 January 2017.
  3. ^ "PM Garib Kalyan Yojana providing chance to turn black money into white begins today | Latest News & Updates at Daily News & Analysis". dna. 17 December 2016. Retrieved 19 January 2017.
  4. ^ "No stocks, property disclosure under new black money scheme". www.moneycontrol.com. Retrieved 19 January 2017.
  5. ^ a b "Foreign accounts, property, bullion can't be disclosed under Pradhan Mantri Garib Kalyan Yojana Scheme: Govt". Zee Business. 18 January 2017. Retrieved 19 January 2017.
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