The primary agenda of the present government led by Shri Narendra Modi has always been fighting against corruption and black money. The Government has implemented a wide variety of rules and laws that can help to curb corruption to a great extent. It is known. to every particular individual that how important it is for a Government to take up laws and rules that would keep the corruption in check. So, there is no doubt that pradhan mantri garib kalyan yojana is an example for cutting down corruption and sealing the inflow of black money in the Indian market. The scheme is highly beneficial for every particular individual who holds unaccounted money and is a great opportunity for the purpose of declaring their unaccounted money to the Government.
Pradhan Mantri Garib Kalyan Yojana PMGKY
The scheme has been applauded all over the world since it is indeed a great opportunity for the people to disclose all their black money in front of the Government by paying just a penalty of fifty percent. The most significant advantage is that it allows the black money holder to avoid every kind of problems related to the Income Tax Department and judicial procedures. Thus, it can be easily concluded that pradhan mantri garib kalyan yojana is one of the best schemes for the purpose of avoiding all the legal proceedings by just paying a meagre fine in comparison with the fault.
The pradhan mantri garib kalyan yojana was validated on and from December 16th, 2016 to March 31, 2017. It has been found that the scheme can only be availed if one wants to declare their unaccounted wealth in the form of cash or bank deposits in Indian account. No particular individual will be allowed to declare their unaccounted wealth in the form of jewellery, stock, immovable property or deposits in the foreign bank accounts.
It has been found that if one fails to declare their unaccounted wealth under the pradhan mantri garib kalyan yojana then it will attract a fine of seventy-seven percentage if the income has been declared in tax returns, failing to do so it will attract a further ten percent penalty followed by prosecution. This scheme that has been launched by the Government of India is primarily a declaration of the finance department and is considered as one of the best finance acts till date, in respect of the Taxation and Investment Regime. It is therefore a huge opportunity for every people holding unaccounted money and they can easily declare it if they are willing to do so. They will just have to issue an acknowledgement to the jurisdictional Principal Commissioner.
People who are willing to declare their unaccounted money under the pradhan mantri garib kalyan yojana must enlighten themselves with pradhan mantri garib kalyan deposit scheme details. Any particular individual who is willing to deposit under this scheme has been alloted a time interval, commencing from the 16th of December 2016 and ending on 31st of March 2017. Their unaccounted income will be declared under the sub-section one of the section 199C of the taxation and investment regime for the pradhan mantri garib kalyan yojana, 2016. A certificate of holding black money shall be issued to the one who is declaring their unaccounted wealth in form one.
The Reserve Bank of India is endowed with the responsibility of transferring the deposits received from the black money holder under this Scheme into the designated Reserve Fund in the Public account of the Government of India. It has been found that the applications that are in the form of deposits in the form of bonds shall be received by the banking companies to which the Banking Regulation Act applies. The designated bank is then instructed to electronically furnish all the details of deposits made in form five to the Department of Revenue, Ministry of Finance. It has been found that the Government of India takes no more than twenty-four hours for the purpose of verifying the information of the deposit before accepting the declaration. After the process of verification is complete, the authorised bank then uploads all the details of deposits into Reserve Bank of India’s Core Banking Solution ‘e-Kuber’.
Disclosing unaccounted money is now a very easy process and it can easily act as a boost to the Indian Economy. Disclosing all the illegal wealth under the pradhan mantri garib kalyan yojna declaration is of immense help to the poor masses of the society. People can easily avail the declaration form from all the branches of the authorized banks that operate under the instructions of the Government of India. It has been found that people who are willing to deposit their unaccounted wealth has to deposit the amount in a single payment in any of the authorized banks from the 17th day of December 2016 till the 31st day of March 2017 under the pradhan mantri garib kalyan yojana scheme. Permanent account number also known as the PAN number is the KYC for all the individuals who are depositing under this plan. The deposit made by the black-money holder, on the other hand, must not be less than twenty-five percent of the undisclosed income declared under sub-section one of the section 199C of the taxation and investment regime for pradhan mantri garib kalyan yojana.
Unaccounted money is one of the major problems of the economy that must be dealt with a strong hand. The huge accumulation of black money has lead to an imbalance in the Indian economy. It is in such a circumstance when pradhan mantri garib kalyan yojana can be highly useful for people who have realized their mistake and wants to declare their unaccounted wealth. So, in such a situation it becomes mandatory for them to know about how to declare unaccounted money under pm garib kalyan yojana. The process is very simple and lucid and can be availed if one truly wants to declare their unaccounted wealth for the betterment of the economy.
They can simply visit any bank and can avail the declaration form and after that, they can easily deposit all their illegal wealth. But, they should keep in mind that the deposit amount must not be less than twenty-five percent of the amount that has been declared in the Income Tax form. The Government of India after verifying all the details about the applicant validates that the deposited amount has been received from the applicant and the illegal wealth has now been converted to a legal one under the pradhan mantri garib kalyan yojana scheme.