Free Press Journal

Garib Kalyan deposit date extended


NEW DELHI : The Government on Thursday extended the last date for deposits in the Pradhan Mantri Garib Kalyan Deposit Scheme from March 31 to April 30.

The scheme is an amnesty for those declaring undisclosed income and black money to escape prosecution by paying 50% as fine and deposit 25% under the scheme for refund after four years, without any interest.

Those not availing the scheme entail 77.25% fine if the income is shown in tax returns and additional fine of 10% if not shown in the tax returns.

A Reserve Bank of India (RBI) press release announced extension of the last date for deposits as decided by the government, but with a warning the the date of deposit and uploading would not be extended beyond April 30.

It also clarified that the effective date of opening of the bond ledger account shall be the date of receipt of the deposits by the RBI from the authorised banks.