It shall come into force
from the 17th day of December, 2016 and shall be valid till 31st day
of March, 2017
Subject to the
provisions of this Scheme, any person may make, on or after the date of
commencement of this Scheme but on or before a date to be notified by the
Central Government in the Official Gazette, a declaration in respect of any income,
in the form of cash or deposit in an account maintained by the person with a specified
entity, chargeable to tax under the Income-tax Act for any assessment year commencing
on or before the 1st day of April, 2017.
Eligibility for Deposits
The deposit under this
Scheme shall be made by any person who intends to declare undisclosed income
under sub-section (1) of section 199C of the Taxation and Investment Regime for
Pradhan Mantri Garib Kalyan Yojana, 2016.
Form of the deposits
(1) The
deposits shall be held at the credit of the declarant in Bonds Ledger Account
maintained with Reserve Bank of India.
(2) A
certificate of holding the deposit shall be issued to declarant in Form I.
(3)The
Reserve Bank of India shall transfer the deposit received under this Scheme
into the designated Reserve Fund in the Public account of the Government of
India.
Subscription
and Mode of investment in the Bonds Ledger Account
(1)
The
deposits shall be accepted at all the authorised banks notified by Government
of India.
(2)
The
deposits shall be made in multiples of rupees one hundred.
(3)
The deposit under sub-section (1) of
section 199F by a declarant shall not be less than twenty-five per cent. of the
undisclosed income to be declared under sub-section (1) of section 199C of the
Act.
(4)
The
entire deposit to be made under sub-section (1) of section 199F under this Scheme shall be made, in a single payment, before filing declaration under sub-section (1) of section
199C.
(5) The
deposit shall be made in the form of cash or draft or cheque or by electronic transfer and shall be drawn in favour of the authorised bank accepting such
deposit.
Effective date of deposit
The effective date of
opening of the Bonds Ledger Account shall be the date of tender of cash or the
date of realisation of draft or cheque or transfer through electronic transfer.
Applications
(1)
An application for the deposit under
this Scheme shall be made in Form II clearly indicating the amount, full
name, Permanent Account Number (hereinafter referred to as “PAN”), Bank Account
details (for receiving redemption proceeds), and address of the declarant.
Provided that if the declarant does not
hold a PAN, he shall apply for a PAN and provide the details of such PAN
application along with acknowledgement number
(2) The
application under sub-paragraph (1) shall be accompanied by an amount which
shall not be less than twenty-five percent of the undisclosed income to be
declared in the form of cash or draft or cheque or through electronic transfer
as provided under sub-paragraphs (3) and (4) of paragraph 4.
Authorised banks
(1) Application
for the deposit in the form of Bonds Ledger Account shall be received by any
banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies.
(2) The
authorised bank shall electronically furnish the details of deposit made in Form
V to the Department of Revenue, Ministry of Finance, Government of India
not later than next working day to enable the Department to verify the
information of the deposit before accepting the declaration.
(3) The
authorised bank shall upload the details of deposit into Reserve Bank of
India’s core banking solution ‘e-kuber’.
(4)The
Reserve Bank of India and authorised bank shall maintain the confidentiality of
the data received in this regard.
Nomination
(1) A sole holder or a
sole surviving holder of a Bonds Ledger Account, being an individual, may
nominate in Form III, one or more persons who shall be entitled to the
Bonds Ledger Account and the payment thereon in the event of his death.
(2) Where any amount is
payable to two or more nominees and either or any of them dies before such
payment becomes due, the title to the Bonds Ledger Account shall vest in the
surviving nominee or nominees and the amount being due thereon shall be paid
accordingly. In the event of the nominee or nominees predeceasing the holder,
the holder may make a fresh nomination.
(3) A nomination made
by a holder of Bonds Ledger Account may be varied by a fresh nomination, or may
be cancelled by giving notice in writing to the Authorised Bank in Form IV.
(4) Every nomination
and every cancellation or variation shall be registered at the Reserve Bank of
India through the authorised bank and shall be effective from the date of such
registration.
(5) If
the nominee is a minor, the holder of Bonds Ledger Account may appoint any person to receive the Bonds Ledger Account or the amount due in the event of
his death.
Transferability
The transferability of the Bonds Ledger Account shall
be limited to nominee or to the legal heir of an individual holder, in the
event of his death.
Interest
The deposit
under sub-section (1) of section 199F shall not bear any interest.
Tradability
against Bonds
The Bonds Ledger Account shall not be tradable.
Repayment
The Bonds Ledger Account shall be repayable on the expiration
of four years from the date of deposit and redemption of such Bonds Ledger
Account before its maturity date shall not be allowed.
Other Relevent points
Scheme
not to apply to certain persons
This Scheme shall not apply to
following ones
(a) In relation to any person in
respect of whom an order of detention has been made under the Conservation of
Foreign Exchange and Prevention of Smuggling Activities Act, 1974:
Provided that—
i. such
order of detention, being an order to which the provisions of section 9 or section
12A of the said Act do not apply, has not been revoked on the report of the
Advisory Board under section 8 of the said Act or before the receipt of the
report of the Advisory Board; or
ii.
such
order of detention, being an order to which the provisions of section 9 of the
said Act apply, has not been revoked before the expiry of the time for, or on
the basis of, the review under sub-section (3) of section 9, or on the report
of the Advisory Board under section 8, read with sub-section (2) of section 9, of
the said Act; or
iii. such
order of detention, being an order to which the provisions of section 12A of
the said Act apply, has not been revoked before the expiry of the time for, or
on the basis of, the first review under sub-section (3) of that section, or on
the basis of the report of the dvisory Board under section 8, read with
sub-section (6) of section 12A, of the said Act; or
iv. Such
order of detention has not been set aside by a court of competent jurisdiction;
(b) In relation to prosecution for
any offence punishable under Chapter IX or Chapter XVII of the Indian Penal
Code, the Narcotic Drugs and Psychotropic Substances Act, 1985, the Unlawful
Activities (Prevention) Act, 1967, the Prevention of Corruption Act, 1988, the
Prohibition of Benami Property Transactions Act, 1988 and the Prevention of
Money-Laundering Act, 2002;
(c) To any person notified under
section 3 of the Special Court (Trial of Offences Relating to Transactions in
Securities) Act, 1992;
(d) In relation to any undisclosed
foreign income and asset which is chargeable to tax under the Black Money
(Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
Deduction of related expenses
No deduction in respect of any
expenditure or allowance or set-off of any loss shall be allowed against the
income in respect of which a declaration is made.
Attachment's
FORM -I
FORM -II Click here
FORM -III
FORM -IV
FORM -V
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