PRADHAN MANTRI GARIB KALYAN YOJANA
(a) whether Government has introduced the Pradhan Mantri Garib Kalyan Yojana
(PMGKY) and if so, the details thereof along with the objectives behind the scheme;
(b) whether some banks are showing reluctance in collecting tax under PMGKY, if so, the details
thereof and the reasons therefor;
(c) the steps being taken by Government to ensure banks adhere to the
stipulations/guidelines in this regard; and
(d) the details of the schemes with benefits to accrue to the taxpayers as compared to the
earlier declaration scheme, 2016?
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
RAJYA SABHA
UNSTARRED QUESTION No. 4410
TO BE ANSWERED ON TUESDAY, THE 11TH APRIL, 2017
21, CHAITRA, 1939 (SAKA)
PRADHAN MANTRI GARIB KALYAN YOJANA
4410. SHRIMATI RAJANI PATIL:
SHRI MAJEED MEMON:
SHRI P. BHATTACHARYA:
Will the Minister of FINANCE be pleased to state:
(a) whether Government has introduced the Pradhan Mantri Garib Kalyan Yojana
(PMGKY) and if so, the details thereof along with the objectives behind the scheme;
(b) whether some banks are showing reluctance in collecting tax under PMGKY, if so, the details
thereof and the reasons therefor;
(c) the steps being taken by Government to ensure banks adhere to the
stipulations/guidelines in this regard; and
(d) the details of the schemes with benefits to accrue to the taxpayers as compared to the
earlier declaration scheme, 2016?
ANSWER
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI SANTOSH KUMAR GANGWAR)
(a) Yes Sir, the Government had introduced, “The Taxation and Investment Regime for Pradhan
Mantri Garib Kalyan Yojana, 2016” (the Scheme). A declarant under the Scheme was required to pay
tax @ 30% of undisclosed income, surcharge @ 33% of tax and penalty @ 10% of undisclosed
income. The declarant was also required to deposit an amount, which should not be less than twentyfive
per cent. of the undisclosed income in, “the Pradhan Mantri Garib Kalyan Deposit Scheme,
2016” (the deposit Scheme). Such deposit shall carry no interest and have a lock-in period of four
years. As per the stated objects and reasons, in the wake of demonetisation the Government had
introduced the Scheme to provide an opportunity to all the persons to pay taxes with heavy penalty in
order to come clean so that not only the Government gets additional revenue for undertaking activities
for the welfare of the poor but also to ensure that the undisclosed income legitimately comes into the
formal economy.
(b) No report of reluctance in tax collection under the Scheme has been reported. Further, tax
under the Scheme could also be paid online, which obviates the need for an interface with banks.
However, certain difficulties relating to making deposit of 25% under the deposit Scheme and lack of
clarity on reference number that needs to be quoted on Form V while uploading the same to the
Income-tax authorities came to light, which was owing to lack of clarity on quoting of system
generated reference number.
(c) In order to bring in greater clarity, the nomenclature of “Issue reference No.” generated by
bank’s e-kuber application, was renamed as “Deposit Reference No.”. Necessary changes were made
in RBI’s e-kuber application to reflect this change. The receiving banks under the deposit Scheme
were sensitized to take note of changes and advise the depositor accordingly.
(d) As per the Scheme nothing contained in declaration shall be admissible in evidence against
the declarant for the purpose of any proceeding under any Act other than the Acts mentioned in
section 199-O of the Finance Act, 2016. Whereas under the Income Declaration Scheme, 2016
immunity from the Income-tax Act, 1961 and Wealth-tax Act, 1957 had been provided. Under the
said Scheme the immunity from the Prohibition of Benami Property Transaction Act, 1988 was also
provided subject to the condition specified therein.
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Source: Rajyasabha
{http://164.100.47.234/question/annex/242/Au4410.pdf}
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