Pradhan Mantri Garib Yojana comes into effect from today

The Pradhan Mantri Garib Kalyan Yojana (PMGKY) comes into effect today. Any unaccounted cash or deposit in a bank account can be disclosed under the scheme before April 1, 2017. The PMKGY provides for 50 per cent tax and surcharge on declarations of unaccounted cash deposited in banks.

Briefing reporters in New Delhi yesterday, Revenue Secretary Hasmukh Adhia said, declaration of undisclosed income under it can be made by any person in the form of cash or deposits in an account with bank or post office or a specified entity.

The scheme will continue till 31st of March



next year. He said, the money generated from disclosure of unaccounted cash will be used for this yojana. He said, declarations under new black money disclosure scheme will be kept confidential.Mr Adhia appealed people who are having undisclosed income to come forward. He also said, people can also give information about black money on the e mail ID- blackmoneyinfo@incometax.gov.in.

Speaking on the occasion, CBDT Chairman Sushil Chandra said, the department has issued around 3000 notices on the basis of deposits in bank accounts and have seized 316 crore rupees in cash. Out of which cash in new currency is above 80 crore rupees and jewellery worth 76 crore rupees. The total seizure is about 393 crore rupees.