RBI/2016-17/188
IDMD.CDD.No.1454/14.04.050/2016-17
December
16, 2016
The Chairman & Managing
Director
Authorised Banks
Dear Sir/Madam,
Pradhan Mantri Garib Kalyan
Deposit Scheme (PMGKDS), 2016 - Operational Guidelines
This has reference to the Central
Government notification S.O. 4061 (E) and RBI circular
IDMD.CDD.No. 1453/14.04.050/2016-17 dated December 16, 2016 on the
Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 (hereinafter
referred to as scheme). FAQs in this regard have been placed on
our website (rbi.org.in). Operational guidelines with regard to this scheme
are given below:
1. Application
Application forms from
declarants (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) for deposits under Pradhan Mantri Garib
Kalyan Deposit Scheme (PMGKDS), 2016, will be received at the branches of
Authorised Banks (any banking company to which the Banking Regulation Act,
1949 (10 of 1949) applies) during normal banking hours from 17 December
2016 to 31 March 2017.
2. Know your customer
requirements
(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.
(b) 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. Relevant
additional details (e-mail ID etc) may be obtained from the applicants,
where ever necessary. Authorized Banks need to ensure that the application
is complete in all respects.
(c) The application shall be
accompanied by an amount which shall not be less than twenty-five per cent
of the undisclosed income declared under Taxation and Investment Regime for
Pradhan Mantri Garib Kalyan Yojana, 2016 tendered in the form of cash or
draft or cheque or through electronic transfer.
(d) An acknowledgement receipt
(part of Form II) shall be provided to the declarant after due
authorization by the bank.
3. Furnishing Deposit details to
Government of India
(a) 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.
(b) The Authorised Bank shall
maintain the confidentiality of the data received in this regard.
4. Mode of holding and
nomination
(a) On receipt of the details at
RBI, Bonds Ledger Accounts shall be created and the deposits made under the
scheme shall be held at the credit of the declarant by Reserve Bank of
India.
(b) A certificate of holding
shall be issued to declarant in Form I.
(c) 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/ cheque or electronic payment.
(d) The holder can nominate one
or more persons.
5. Interest payment
No interest shall be payable on
the deposits.
6. Processing through RBI’s
e-kuber system
The Authorised Bank shall upload
the details of deposit into Reserve Bank of India’s Core Banking Solution
‘e-Kuber’ on the date of tendering cash or electronic payment or on the
date of realisation of draft/ cheque itself. The amount of deposit shall be
transferred to Reserve Bank of India on the same day.
The e-Kuber system can be
accessed either through Infinet or Internet. The authorized banks need to
enter the data for the deposits received by them. They may ensure accuracy
of data to prevent occurrence of any inadvertent errors. An immediate
confirmation will be provided to the declarants for receipt of application.
The Holding Certificates will be sent to the authorized banks through the
e-Kuber which may be issued to the customers.
7. Servicing and follow up
Authorised banks will provide
necessary services with regards to deposit made by the declarant e.g.
updating bank account details, cancellation of nomination, etc. Authorized
Banks will be required to preserve applications until repayment is made.
8. Commission/agency bank
charges for authorised banks
No commission/agency bank
charges will be paid to the banks for accepting deposits under the scheme
or for servicing the declarants.
9. Contact details
Any queries/clarifications may
be e-mailed.
Yours faithfully,
(Rajendra Kumar)
General Manager
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