Published on 20/04/2017 11:20:39 AM | Source: Dion Global Solutions Ltd

RBI issues deadline for deposits under PMGKDS: Reports

Posted in Economy News| #RBI #Economy #Banking Sector

The RBI has said that it has given time till April 30 for commensurate deposits by people who have declared their unaccounted income under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) that allowed parking money in non-interest bearing deposits for four years. As per reports, the extension of time till April 30 has also been given to banks for uploading details into the RBI's E-Kuber system.

The PMGKY, which opened on December 17, 2016, provided last chance to holders of undisclosed income to come clean by paying tax and penalty. The scheme closed on March 31.

Commenting on the issue, a RBI Official told the media, "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," he added.