Telangana News

Introducing Pradhan Mantri Garib Kalyan Yojana (PMGKY), the Central government urged the people to disclose black money.

“We want people to join the PMGKY and through this scheme they can contribute to the welfare of the people,” revenue secretary Hasmukh Adhia said. 

PMGKY, scheduled to be launched tomorrow, provides for 50% tax and surcharge on declarations of unaccounted cash deposited in banks. The declarants also have to park a quarter of the total sum in a non-interest bearing deposit for 4 years. PMGKY will close on March 31st, 2017. 

Adding to it, urging people to mail any information about people having black money, the Centre also released on email id blackmoneyinfo@incometax.gov.in. 

The revenue secretary also assured that, all the declarations will be kept confidential.

"The information will not to be used for prosecution," he said. 

"Receipt of tax paid on deposits will have to be shown to avail disclosure scheme benefits including immunity from prosecution," the government said. 

The government once again warned black money holders that a strict vigil was being kept on all the money that was being deposited in the banks. 

"People should not think that they can get away by depositing money in multiple accounts. The Financial Intelligence Unit is analyzing and monitoring deposit information. Mere depositing of money will not turn it white, we will match the deposits with the income tax declarations and known sources of income,” Hasmukh Adhia said.