Deadline for PMGKY deposits extended

The government has extended the deadline till April 30 for those who are yet to pay 25% of their undisclosed income as interest-free deposits under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).

PMGKY, which commenced on December 17, had closed on March 31. It was the second income disclosure scheme announced by the government after it demonetised Rs 500 and Rs 1,000 notes in November.

Under the scheme, a 50% tax was levied on the undisclosed income while another 25% of the undisclosed income was to be deposited in interest-free Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) for four years.

Along with the customers, the scheme was also amended by the RBI to allow banks to upload details into its E-Kuber system till April 30.

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