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Government announces new income declaration scheme ‘PM Garib Kalyan Yojana’

The government offered a “last window” to people with unaccounted wealth to come clean or face stringent penalties while inviting others to blow the whistle on those suspected to be holding black money
Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, will start on December 17 and remain open until March 31 next year. Those who declare cash deposits under this will be levied a charge of 50%, which breaks down into 30% tax, 33% surcharge and 10% penalty. In addition to this, 25% of the amount declared will go into the noninterest-bearing Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, for four years.
PM Narendra Modi announced that Rs 500 and Rs 1,000 notes would cease to be legal tender on November 8. Later, the government said it would unveil one more window for black money holders after the Income Disclosure Scheme closed on September 30
Declarations under PMGKY will be confidential and those taking advantage of it will escape prosecution. “The government has given a long window for the declarations because we want people to voluntarily come forward and make their declarations,” said Revenue Secretary Hasmukh Adhia while notifying the new scheme 

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