The government and the Reserve Bank of India have given permission to deposit the amount till April 30 to those who have declared their undisclosed income under the Pradhan Mantri Garib Kalyan Yojana, in the condition if they have already declared their undisclosed income till March 31 and deposited taxes and fines. There will be no interest in this scheme for four years.
The government has started a scheme of Disclosure of Income scheme named Pradhan Mantri Garib Kalyan Yojana (PMGKY). Under this scheme, the person who allows other people to deposit money in his account, he has to pay 50% of the whole amount (30% tax, 10% fine and 33% of the tax which is 10% of the whole amount) in form of Poor Welfare Cess till 1 April 2017. Besides this, 25% amount will remain locked in Pradhan Mantri Poor Welfare Deposit Scheme till 4 Years.