The central government and the RBI on Wednesday allowed time till April 30 for "commensurate deposits" by citizens who have declared their unaccounted income under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) that offered non-interest bearing deposits for four years.
The scheme had black money holders opportunity to declare their unaccounted income under till March 31. "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 authorised banks; wherein the due tax, surcharge and penalty has been received till March, 31, 2017," a Finance Ministry statement said.
The RBI said in a release: "It has now been decided by the Government of India, in case of persons who had filed the declaration by depositing tax, surcharge and penalty under PMGKDS on or before March 31, to allow extension of time till April 30 for banks to upload details into RBI's E-Kuber system and for depositors to make commensurate deposits, if not already done."
"The date of deposit and uploading would not be extended beyond April, 30 2017." The deposits could be made in the form of cash or in an account with bank or post office or specified entity, with a tax, surcharge and penalty totaling up to 49.90 per cent. Mandatory deposit of 25 per cent of the undisclosed income will be made in Pradhan Mantri Garib Kalyan Yojana (PMGKY). The deposits are interest free and have a lock-in period of four years.