To address the doubts and queries about the new income disclosure scheme, RBI has issued 21 point FAQs. Taxability, lock-in period, eligibility to declare income under this PMGKDS scheme-everything has been covered.

2. 1. What is Pradhan Mantri Garib
Kalyan Deposit Scheme 2016?
Pradhan Mantri Garib Kalyan Deposit Scheme, 2016
is a scheme notified by the Central Government with
effect from 16th December 2016, to declare your
undisclosed income and save taxes.

3. 2. Who is eligible to deposit under
PMGKDS, 2016
Any person who declares their undisclosed income in
form of cash or deposit in an account maintained by
the person with a specified entity, chargeable to tax
under the Income Tax Act, 1961.

4. 3. In what form will the deposits
under this scheme be held?
The deposits shall be held at the credit of the declarant
in Bond Ledger Accounts (BLA) maintained with
Reserve Bank of India.

5. 4. Who are the authorized agencies
where the application and amount of
deposit will be accepted?
Application and amount for the deposit shall be
received by any banking company to which the
Banking Regulation Act, 1949 applies.

6. 5. Where can declarants get the
application form?
Application for the deposit will be available at
branches of authorized banks. It is also available in the
Reserve Bank of India website.

7. 6. When can a declarant make the deposit
into the scheme?
The deposits under this scheme shall be made in a
single payment in any of the authorized banks from
17th December 2016 till 31st March 2017.

8. 7. What are the Know-Your-Customer
(KYC) norms?
Permanent Account Number (PAN) is the KYC document for
individuals depositing in the scheme.
If a declarant does not hold PAN, he shall apply for PAN and
provide the details of such PAN application along with
acknowledgement number to the bank while making the
application.
On receipt of PAN, details may be updated with the bank from
which the application was made.

9. 8. What is the minimum and maximum
limit for depositing in the scheme?
The deposit by a declarant shall not be less than 25%
of the undisclosed income. Deposit shall be made in
multiples of 100.

10. 9. Will any interest be paid on the
deposit under the scheme?
No interest will be paid for deposits made in
this scheme.

11. 10. After making the deposit will any
documentary evidence be issued?
On deposit, an acknowledgement receipt mentioning name of
declarant and amount deposited will be duly authorized and
provided by the bank from which application was made.
Subsequently, a certificate of holding for the BLA will be
issued which may be collected from the authorized bank.

12. 11. When will the deposit be repaid?
Repayment of the deposit will be made after a
period of 4 years from the effective date of
deposit.

13. 12. What will the declarant get on
redemption?
The entire amount deposited in scheme will be
repaid on redemption.

14. 13. How will the declarant get the
redemption amount?
The redemption amount will be credited to the
bank account furnished by the person in the
application form.

15. 14. What are the procedures involved
during the redemption?
On the date of maturity, the proceeds will be credited to
the bank account as per the details on record.
In case there are changes in any details, such as, account
number, e-mail id, etc., then the investor must intimate
Reserve Bank of India, through the authorized banks
promptly.

16. 15. Can the deposit made into this
scheme be prematurely redeemed?
No, option for premature redemption of the BLA
is not available.

17. 16. Can the BLA be gifted/transferred to
a relative or friend on some occasion
No, the BLA cannot be gifted/transferred to a relative or
friend.
Transferability of the Bond Ledger Account shall be limited
to nominee or to the legal heir of an individual holder, only
in the event of the death of the declarant.

18. 17. Who will provide other services to
the declarants after deposit in the
scheme?
The banks through which the deposit into this
scheme was made will provide other customer
services.

19. 18. What are the payment options for
depositing in the PMGKDS?
The deposit shall be made in the form of cash or draft
or cheque drawn in favour of the authorized bank
accepting such deposit or by electronic transfer.

20. 19. Whether nomination facility is
available for these investments?
A nomination form is available along with application
form. In case of cancellation/change in nomination , a
separate form is to be filled and submitted to the bank.
Yes, nomination facility is available for these
investments.

21. 20. Are the BLAs tradeable?
No, the Bond Ledger Accounts are not
tradeable.

22. 21. To whom the queries regarding
PMGKDS be sent?
Queries about the scheme shall be forwarded to the
e-mail cgmidmd@rbi.org.in

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