New income disclosure scheme: People can deposit money in parts

New Delhi: The government on Tuesday allowed declarants to make deposits on one or more occasions in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016.

"The government has decided to allow declarants to make deposits on one or more occasions in the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016," said a statement by the Finance Ministry.

Government allows declarants to make deposits on one or more occasions in Pradhan Mantri Garib Kalyan Deposit Scheme(PMGKDS),2016. — Ministry of Finance (@FinMinIndia) February 7, 2017

The government, in consultation with the Reserve Bank of India (RBI), had notified Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 on December 16 last year.

The deposit under this scheme shall be made by any person who declared undisclosed income under Pradhan Mantri Garib Kalyan Yojana, 2016.

The deposit sum, which shall not be less than twenty-five percent of the declared undisclosed income, can be deposited at the authorized banks from December 17, 2016 to March 31, 2017.