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of <h1>Pradhan Mantri Garib Kalyan Deposit Scheme 2016 Allows Deposits of Undisclosed Income Under Finance Act Rules</h1> The notification establishes the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, effective from December 17, 2016, to March 31, 2017, allowing individuals to declare undisclosed income by making deposits in Bonds Ledger Accounts maintained by the Reserve Bank of India. Deposits must be at least 25% of the undisclosed income and can be made in cash, draft, cheque, or electronic transfer through authorized banks, excluding cooperative banks. Deposits do not bear interest, are non-transferable except to nominees or legal heirs upon death, and are repayable only after four years without premature redemption. Applications require specified personal and financial details, including PAN, and must be submitted before filing the declaration. The scheme ensures confidentiality of data and provides for nomination rights. The notification references relevant provisions of the Finance Act, 2016, and related statutes for interpretation.
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