RBI Notifies Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016

[RBI Press Release 2016-2017/1555 dated 16th December 2016]

Sub: Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

Government of India, in consultation with the Reserve Bank of India, has notified Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. The deposit under this Scheme shall be made by any person who declared undisclosed income under Pradhan Mantri Garib Kalyan Yojana, 2016. The deposit sum, which shall not be less than twenty-five per cent of the declared undisclosed income, can be deposited at the authorized banks (as notified by Government of India) from December 17, 2016 (Saturday) to March 31, 2017 (Friday). The deposits shall be held at the credit of the declarant in Bonds Ledger Account (BLA) maintained with Reserve Bank of India and would be repaid on expiry of four years. The details about the scheme can be accessed at https://rbi.org.in.