9911796707
TMI BlogPradhan Mantri Garib Kalyan Deposit Scheme, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 and shall be valid till 31st day of March, 2017. (3) This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. 2. Eligibility for Deposits.- The deposit under this Scheme shall be made by any person who intends to declare undisclosed income under sub-section (1) of section 199C of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. 3. Form of the deposits.- (1) The deposits shall be held at the credit of the declarant in Bonds Ledger Account maintained with Reserve Bank of India. (2) A certificate of holding the deposit shall be issued to declarant in Form I. (3)The Reserve Bank of India shall transfer the deposit received und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ails of such PAN application along with acknowledgement number. (2) The application under sub-paragraph (1) shall be accompanied by an amount which shall not be less than twenty-five per cent. of the undisclosed income to be declared in the form of cash or draft or cheque or through electronic transfer as provided under sub-paragraphs (3) and (4) of paragraph 4. 7. Authorised banks.- 1[ (1) Application for the deposit in the form of Bonds Ledger Account shall be received by any banking company, other than Cooperative Banks, to which the Banking Regulation Act, 1949 (10 of 1949) applies ] (2) The authorised bank shall electronically furnish the details of deposit made in Form V to the Department of Revenue, Ministry of Finance, Governmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Ledger Account or the amount due in the event of his death. 9. Transferability.- The transferability of the Bonds Ledger Account shall be limited to nominee or to the legal heir of an individual holder, in the event of his death. 10. Interest.- The deposit under sub-section (1) of section 199F shall not bear any interest. 11. Tradability against Bonds.- The Bonds Ledger Account shall not be tradable. 12. Repayment.- The Bonds Ledger Account shall be repayable on the expiration of four years from the date of deposit and redemption of such Bonds Ledger Account before its maturity date shall not be allowed. 13. Interpretation.- The words and expressions used but not defined in this notification but defined in the Income-tax Act, 1961 (4 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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