Pradhan Mantri Garib Kalyan Yojana Terms & Conditions, PMGKY Application Form

Pradhan Mantri Garib Kalyan Yojana (PMGKY) Scheme provides an opportunity to declare unaccounted wealth and black money in a confidential manner and avoid prosecution after paying a fine of 50%. Here is the Trems & Conditions & Application Form.

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Pradhan Mantri Garib Kalyan Yojana Terms & Conditions, PMGKY Application Form

Pradhan Mantri Garib Kalyan Yojana Terms & Eligibility for Deposits: The deposits under this Scheme shall be made from the 17th day of December, 2016 till 31st day of March, 2017, by any person who declared undisclosed income under sub-section (1) of section 199C of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.

Form of the deposits: The deposits shall be held at the credit of the declarant in Bonds Ledger Account maintained with Reserve Bank of India. A certificate of holding shall be issued to declarant in Form I. The Reserve Bank of India shall transfer the deposit received under this Scheme into the designated Reserve Fund in the Public account of the Government of India.

 Authorized banks

  • Application for the deposit in the form of Bonds Ledger Account shall be received by any banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (hereinafter referred to as Authorized Banks).
  • The Authorized Bank shall electronically furnish the details of deposit made in Form V to the Department of Revenue, Ministry of Finance, and Government of India not later than next working day to enable the Department to verify the information of the deposit before accepting the declaration.
  • The Authorized bank shall upload the details of deposit into Reserve Bank of India’s Core Banking Solution ‘e-Kuber’.
  • The Reserve Bank of India and Authorized Bank shall maintain the confidentiality of the data received in this regard.

Subscription and Mode of investment in the Bonds Ledger Account

  • The deposits shall be accepted at all the Authorized Banks.
  • The deposits shall be made in multiples of rupees one hundred.
  • The deposit by a declarant shall not be less than twenty-five per cent of the undisclosed income declared under sub-section (1) of section 199C of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.

Pradhan Mantri Garib Kalyan Yojana Terms: Effective date of deposit

The effective date of opening of the Bonds Ledger Account shall be the date of receipt of deposits by the Reserve Bank of India from the authorized banks; wherein the due tax, surcharge and penalty has been received till 31st March, 2017. Also, the date of deposit shall in no case be extended beyond 30th April, 2017.

Application Form Details

An application for the deposit under this Scheme shall be made in Form II clearly indicating the amount, full name, Permanent Account Number (hereinafter referred to as “PAN”), Bank Account details (for receiving redemption proceeds), and address of the declarant.

Pradhan Mantri Garib Kalyan Yojana Terms: Nomination

  • A sole holder or a sole surviving holder of a Bonds Ledger Account, being an individual, may nominate in Form III, one or more persons who shall be entitled to the Bonds Ledger Account and the payment thereon in the event of his death.
  • Where any amount is payable to two or more nominees and either or any of them dies before such payment becomes due, the title to the Bonds Ledger Account shall vest in the surviving nominee or nominees and the amount being due thereon shall be paid accordingly. In the event of the nominee or nominees predeceasing the holder, the holder may make a fresh nomination.
  • A nomination made by a holder of Bond Ledger Account may be varied by a fresh nomination, or may be cancelled by giving notice in writing to the Authorized Bank in Form IV.
  • Every nomination and every cancellation or variation shall be registered at the Reserve Bank of India through the authorized bank and shall be effective from the date of such registration.
  • If the nominee is a minor, the holder of Bonds Ledger Account may appoint any person to receive the Bonds Ledger Account or the amount due in the event of his death.

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.

Interest

The deposits shall not bear any interest.

Tradability against Bonds

The Bonds Ledger Account shall not be tradable.

Repayment

The Bond Ledger Account shall be repayable on the expiration of four years from the date of deposit and redemption of such Bond Ledger Account before its maturity date shall not be allowed.

Pradhan Mantri Garib Kalyan Yojana Online Application ProcedureApply Online

Download Application Form for PMGKY

Pradhan Mantri Garib Kalyan Yojana’s Detailed Documentation | FAQ

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