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TMI BlogPradhan Mantri Garib Kalyan Deposit Scheme, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... nto force from the 17th day of December, 2016 and shall be valid till 31st day of March, 2017. (3) This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. 2. 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. 3. 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)T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ided 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 per cent. 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. 7. Authorised banks .- 1 [ (1) Application for the deposit in the form of Bonds Ledger Account shall be received by any banking company, other than Cooperative Banks, to which the Banking Regulation Act, 1949 (10 of 1949) applies ] (2) The authorised bank shall electronically fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tration. (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. 9. 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. 10. Interest. - The deposit under sub-section (1) of section 199F shall not bear any interest. 11. Tradability against Bonds .- The Bonds Ledger Account shall not be tradable. 12. 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 all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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