RBI/2016-17/187
IDMD.CDD.No.1453/14.04.050/2016-17
December
16, 2016
The Chairman & Managing
Director
All Authorised Banks
Dear Sir/Madam,
Pradhan Mantri Garib Kalyan
Deposit Scheme (PMGKDS), 2016
The Government of India has vide the notification no. S.O. 4061 (E) dated
December 16, 2016 announced the “Pradhan Mantri Garib Kalyan
Deposit Scheme (PMGKDS)”. This Scheme shall be applicable to every
declarant under the Taxation and Investment Regime for Pradhan Mantri Garib
Kalyan Yojana, 2016.
The terms and conditions of the
scheme are as under:
2. 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
3. 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.
4. Authorised banks.— (a) 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 Authorised Banks).
(b) The Authorised Bank shall
electronically furnish the details of deposit made in Form V to the Department of Revenue,
Ministry of Finance, Government of India not later than next working day to
enable the Department to verify the information of the deposit before
accepting the declaration.
(c) The authorised bank shall
upload the details of deposit into Reserve Bank of India’s Core Banking
Solution ‘e-Kuber’.
(d) The Reserve Bank of India
and Authorised Bank shall maintain the confidentiality of the data received
in this regard.
5. Subscription and Mode of
investment in the Bonds Ledger Account.— (a)
The deposits shall be accepted at all the Authorised Banks.
(b) The deposits shall be made
in multiples of rupees one hundred.
(c) 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.
(d) The entire deposit shall be
made, in a single payment, before filing declaration under sub-section (1)
of section 199C ibid.
(e) The deposit shall be made in
the form of cash or draft or cheque drawn in favour of the authorised bank
accepting such deposit or by electronic transfer.
6. Effective date of deposit.— The effective date of opening of the Bonds Ledger
Account shall be the date of tender of cash or the date of realisation of
draft or cheque or transfer through electronic transfer.
7. Applications.— (a) 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. Provided that if the declarant
does not hold a PAN, he shall apply for a PAN and provide the details of
such PAN application along with acknowledgement number.
(b) The application under
sub-paragraph (a) shall be accompanied by an amount which shall not be less
than twenty-five per cent. of the undisclosed income in the form of cash or
draft or cheque or through electronic transfer as provided under
sub-paragraphs (c) and (d) of paragraph 5.
8. Nomination.— (a) 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.
(b) 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.
(c) 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 Authorised Bank in Form IV.
(d) Every nomination and every
cancellation or variation shall be registered at the Reserve Bank of India
through the authorised bank and shall be effective from the date of such
registration.
(e) 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.
9. 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.
10. Interest.— The deposits shall not bear any interest.
11. Tradability against Bonds.— The Bonds Ledger Account shall not be tradable.
12. 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.
13. Interpretation.— The words and expressions used but not defined in
this notification but defined in the Income-tax Act, 1961 (43 of 1961), the
Government Securities Act, 2006 (38 of 2006) or the Finance Act, 2016 (28
of 2016) shall have the meanings respectively assigned to them in those
Acts.
Yours faithfully
(Rajendra Kumar)
General Manager
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