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1
June 2017
Deposits
amounting to only around Rs 5,000 crore have been made under the Pradhan Mantri
Garib Kalyan Yojana (PMGKY), launched post-demonetisation, the government said
on Thursday, attributing the tepid response to the scheme for declaring
unaccounted income to multiple factors. The
Total Investment & Insurance Solutions
"The
Rs 5,000 crore declared under PMGKY is mainly on account of two factors,"
Revenue Secretary Hasmukh Adhia said at a media briefing here by the Union
Finance Ministry.
"Even
before the scheme was announced, people had put their money in various
accounts," he said referring to the rush witnessed to deposit high-value
currency notes after these were junked under the November 8 demonetisation
measure.
"Besides,
the rates (tax) we had fixed under PMGKY, people found 75 per cent of their
money blocked," he added. The Total
Investment & Insurance Solutions
The
scheme allowed deposits to be made in the form of cash or in an account with
bank or post office or specified entity, with a tax, surcharge and penalty
totalling up to 49.90 per cent. Mandatory deposit of 25 per cent of the
undisclosed income is to be made in PMGKY. The deposits are interest-free and
have a lock-in period of four years.
Finance
Minister Arun Jaitley said PMGKY was competing with other similar schemes.
"First,
you had the IDS (Income Declaration Scheme) ... over and above came the
PMGKY," Jaitley said. The Total
Investment & Insurance Solutions
"Two,
three exercises are going on simultaneously. People who had deposits
disproportionately larger than their income, the Income Tax Department has
asked for their details. Those who have replied, these are being processed...
while those who haven't, cases are being filed against them," he said of
the exercise dubbed 'Operation Clean Money'.
The
Finance Minister also said that the Benami Transactions Act, that has come into
operation recently, also has the objective of curbing black money.The Total Investment & Insurance Solutions
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