Which Banks cannot take deposits under PMGKY?
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New Delhi: The government has barred cooperative banks from accepting deposits under the new tax amnesty scheme Pradhan Mantri Garib Kalyan Yojana (PMGKY), a move that comes amidst the income tax department uncovering anomalies post demonetisation.
After junking old Rs500 and Rs1,000 notes, the Centre had come up with an amnesty scheme for holders of unaccounted cash by asking them to pay 50% tax and parking one-fourth of it in a no-interest bearing four-year deposit. This deposit could be made with any banks. But now cooperative banks have been barred from accepting such deposits. The PMGKY scheme is open till 31 March.
After junking old Rs500 and Rs1,000 notes, the Centre had come up with an amnesty scheme for holders of unaccounted cash by asking them to pay 50% tax and parking one-fourth of it in a no-interest bearing four-year deposit. This deposit could be made with any banks. But now cooperative banks have been barred from accepting such deposits. The PMGKY scheme is open till 31 March.
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