Pradhan Mantri Garib Kalyan Yojana (PMGKY)
(Ministry of Finance)
Key features of the Campaign
Main Features of the Scheme
- Pradhan Mantri Garib Kalyan Yojana (PMGKY) was launched in 2016.
- It is a Union Government’s second Income Disclosure Scheme (IDS) to allow tax evaders to come clean with unaccounted wealth valid from December 16, 2016 to March 31, 2017,
- It provides for 50 percent tax and surcharge on declarations of unaccounted cash deposited in banks.
It provides an opportunity to pay taxes with a heavy penalty to come clean so that the government gets additional revenue.
Use of the collected revenue
The revenue so collected will be deposited as Pradhan Mantri Garib Kalyan Deposit for undertaking activities for the welfare of poor and the remaining part of the declared income comes legitimately in the economy.
- As of June 2017, only Rs 5,000 Crores have been deposited under the scheme.
- Not declaring undisclosed income under the scheme will attract a fine of 77.25% of the income shown in tax returns.