Govt allows more than one deposit under income disclosure scheme

The government has decided to allow declarants of unaccounted incomes to make bank deposits on one or more occasions by amending the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

The Government of India, in consultation with the Reserve Bank of India (RBI), had notified Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 in a notification dated 16 December 2016. The deposit under this scheme shall be made by any person who declared undisclosed income under Pradhan Mantri Garib Kalyan Yojana, 2016. The deposited sum, which shall not be less than 25 per cent of the declared undisclosed income, can be deposited at the authorised banks (as notified by Government of India) from 17 December 2016 (Saturday) to 31 March 2017 (Friday).

The government has now decided to allow declarants to make deposits on one or more occasions in the PMGKDS, 2016. Accordingly, para 4(4) of the notification stands amended as under:

''4. Subscription and Mode of investment in the Bonds Ledger Account- (4), the deposit to be made under sub-section (1) of Section 199F under this Scheme can be made, on one or more occasions. The deposits shall be made before filing declaration under sub-section (1) of section 199C.''

Meanwhile fiance minister Arun Jaitley said while there is no official data on the quantum of black money stashed abroad by Indians, Rs8,200 crore of black money has been brought to tax in about 2 years.

Over Rs16,200 crore in black money has been detected by the government after investigations on global leaks about Indians stashing funds abroad, Jaitley informed Parliament was on Monday.

"As a result of systematic investigations, undisclosed income of about Rs 8,200 crore (including protective assessment of income of Rs1,497 crore) has been brought to tax in last about 2 years on account of deposits made in unreported foreign bank accounts in HSBC.

"Further, about Rs8,000 crore of credit in the undisclosed foreign accounts of Indians, whose names were disclosed by the International Consortium of Investigative Journalists (ICIJ), have been detected," Jaitley said in a written reply to the Rajya Sabha.

There is no official estimation of the quantum of black money stashed abroad by Indians, he said.