Black Money Disclosure Scheme Under PMGKY To Be Enforced From Tomorrow To 31 March 2017

In his address to the media today (16 December), Revenue Secretary of the Ministry of Finance Hasmukh Adhia said black money disclosure under Pradhan Mantri Garib Kalyan Yojana (PMGKY) will start from tomorrow, 17 December 2016, and go on till 31 March 2017.

Adhia said the declarations of unaccounted cash made under the scheme will be kept confidential. He also said black money deposited in banks doesn’t automatically turn white unless tax is paid on it.

Under the PMGKY scheme, unaccounted income can be disclosed and a 50 per cent tax paid on said income to avoid harsh punishment for holding on to black money in the future.

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