{"id":101211,"date":"2017-01-21T18:13:24","date_gmt":"2017-01-21T12:43:24","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=101211"},"modified":"2017-01-21T18:13:24","modified_gmt":"2017-01-21T12:43:24","slug":"co-operative-banks-are-not-authorised-banks-to-accept-deposits-under-pradhan-mantri-garib-kalyan-deposit-scheme","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/01\/21\/co-operative-banks-are-not-authorised-banks-to-accept-deposits-under-pradhan-mantri-garib-kalyan-deposit-scheme\/","title":{"rendered":"Co-operative Banks are not authorised banks to accept deposits under Pradhan Mantri Garib Kalyan Deposit Scheme"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016\u00a0<\/strong><\/p>\n<p style=\"text-align: justify;\">The Government of India, in consultation with the Reserve Bank of India, had notified\u00a0<a href=\"https:\/\/rbi.org.in\/Scripts\/NotificationUser.aspx?Id=10782&amp;Mode=0\">Pradhan Mantri Garib Kalyan Deposit Scheme\u00a0(PMGKDS), 2016<\/a>\u00a0vide Notification No. S.O. 4061(E) dated December 16, 2016. 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 per cent of the declared undisclosed income, can be deposited at the authorized banks (as notified by Government of India) from December 17, 2016 (Saturday) to March 31, 2017 (Friday).<\/p>\n<p style=\"text-align: justify;\">In this connection, it is clarified that Co-operative Banks are not authorised banks to accept deposits under PMGKDS, 2016. Para 7 (1) of the notification stands amended as under:<\/p>\n<p style=\"padding-left: 30px; text-align: justify;\">\u201c<strong>7. Authorised banks.<\/strong>\u2014(1) Application for the deposit in the form of Bonds Ledger Account shall be received by any banking company, other than Co-operative Banks, to which the Banking Regulation Act, 1949 (10 of 1949) applies.\u201d<\/p>\n<p style=\"text-align: right;\">Ministry of Finance<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016\u00a0 The Government of India, in consultation with the Reserve Bank of India, <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-101211","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO 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decides to allow declarants to make deposits on one or more occasions in the PMGKDS, 2016","author":"Saba","date":"February 8, 2017","format":false,"excerpt":"The Government of India, in consultation with the Reserve Bank of India (RBI), had notified Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 vide Notification No. S.O.4061(E) dated December 16, 2016. The deposit under this Scheme shall be made by any person who declared undisclosed income under Pradhan Mantri Garib\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93291,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/12\/17\/pradhan-mantri-garib-kalyan-deposit-scheme-2016-notified\/","url_meta":{"origin":101211,"position":1},"title":"Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, notified","author":"Saba","date":"December 17, 2016","format":false,"excerpt":"The Taxation Laws (Second Amendment) Act, 2016 has come into force on 15th December, 2016. \u00a0The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (the Scheme) introduced vide the said Act shall commence on 17th December, 2016 and shall remain open for declarations up to 31st March,\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":88521,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/28\/taxation-laws-second-amendment-bill-2016-introduced-in-lok-sabha\/","url_meta":{"origin":101211,"position":2},"title":"Taxation Laws (Second Amendment) Bill, 2016 proposing stringent penalty for defaulting assessees, introduced in Lok Sabha","author":"Saba","date":"November 28, 2016","format":false,"excerpt":"Evasion of taxes deprives the nation of critical resources which could enable the Government to undertake anti-poverty and development programmes. It also puts a disproportionate burden on the honest taxpayers who have to bear the brunt of higher taxes to make up for the revenue leakage. As a step forward\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":100541,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/02\/01\/clarifications-on-taxation-and-investment-regime-for-pradhan-mantri-garib-kalyan-yojana-2016\/","url_meta":{"origin":101211,"position":3},"title":"Clarifications on Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016","author":"Saba","date":"February 1, 2017","format":false,"excerpt":"The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan\u00a0Yojana, 2016 (hereinafter \u2018the Scheme\u2019) provides an opportunity to persons having\u00a0undisclosed income in the form of cash or deposit in an account maintained with a\u00a0specified entity to declare such income and pay tax, surcharge and penalty totaling\u00a0in all to 49.9 per\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":264619,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/28\/cabinet-approves-extension-of-pradhan-mantri-garib-kalyan-anna-yojana-for-another-6-months-april-september-2022\/","url_meta":{"origin":101211,"position":4},"title":"Cabinet approves extension of Pradhan Mantri Garib Kalyan Anna Yojana for another 6 months (April-September, 2022)","author":"Bhumika Indulia","date":"March 28, 2022","format":false,"excerpt":"The Union Cabinet has extended the Pradhan Mantri Garib Kalyan Anna Yojana (PM-GKAY) scheme for another six months i.e., till September 2022 (Phase VI). 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