Black Money Holders Can Come Clean With PMGKY Scheme Likely To Be Notified This Week

The government is likely to notify the scheme that gives black money holders another chance to come clean by paying 50 per cent tax on junked currency deposited in banks since demonetisation, this week, reported the Times of India.

The Pradhan Mantri Garib Kalyan Yojana (PMGKY) provides for 50 per cent taxes and surcharge on declarations of unaccounted cash deposited in banks. The Department of Revenue will notify PMGKY 2016 by the end of the week, which was a part of 'The Taxation Laws (Second Amendment) Bill, 2016' and approved by the Lok Sabha on 29 November.

The notification, as reported in the Times report, is likely to specify that the disclosures made through the PMGKY scheme will attract no questions about the source of the money, and there would be immunity from Wealth Tax, civil laws and other taxation laws. However, no immunity will be given for Foreign Exchange Management Act, Prevention of Money Laundering Act, Narcotics and Black Money Act.

Also Read: All You Need To Know About The New Taxation And Investment Regime For PMGKY