Pmgky

Exclusive | As global demand for Indian rice shoots up, govt assessing need for export curbs

India, the largest exporter of rice, is considering curbs on overseas shipments as demand for the cereal shoots up and domestic requirements rise.

PMGKAY | Extension of free foodgrain scheme is fiscal compulsion or welfare choice?

The government has to bear the economic cost of foodgrains procured, whether it keeps stocking in FCI warehouses or distributes it free of cost. The fiscal impact is no different. Thus, the only way to lessen the fiscal impact is to procure less

FinMin frets over extra expenditure as budget preparations begin

While the finance ministry is happy with strong tax collections on the back of a sustained economic recovery, the worry is that Covid-19 relief measures of the past six and a half months could take the fiscal deficit to 7.7 percent of GDP compared with a target of 6.8 percent.

World Bank approves 4 India projects worth $800 million to support development initiatives

World Bank India Country Director Junaid Ahmad said the four projects will support India's efforts to build back better by creating a sustainable and resilient economy.

PM Narendra Modi's address to the nation: Here are the key takeaways

Prime Minister Narendra Modi, in a televised address to the nation, announced extension of the Pradhan Mantri Garib Kalyan Yojana (PMGKY) for another five months amid the novel coronavirus pandemic

Why PMGKY failed: High tax rates, IDS success prove to be bugbear

The tax rate under the PMJKY scheme was very high. It was unlikely of anyone to understand why a high tax is to be paid (or if it is fairly levied) and if he would be in a profitable position if he pays the tax.

Rs 16,398 cr black money identified; website launched for tax compliance - as it happened

Live updates as Finance Minister Arun Jaitley addresses a press conference on Operation Black Money.

Deadline for deposits under income declaration scheme extended till April 30

The PMGKY, which opened on December 17, 2016, provided a last chance to holders of undisclosed income to come clean by paying tax and penalty. The scheme closed on March 31.

Rs 100 cr black money: I-T raids at 50 locations across India

The Income Tax department today conducted searches at over 50 locations as part of its crackdown against tax evasion to the tune of over Rs 100 crore, its first major action after the black money disclosure window of PMGKY ended recently.

Black money disclosure scheme a flop; tax evaders seek more time to deposit money

Barely Rs 4,000 crore of undisclosed income has been reported under the scheme, against the targeted Rs 1 lakh crore, two senior officials told Moneycontrol.

PMGKY a flop? Why black money holders don’t mind taking on the I-T department

Significant element of coercion, government's fequent change of stance and lack of trust brought in a confrontationist attitude and led to the failure of Pradhan Mantri Garib Kalyan Yojana.

As PM scheme's deadline nears, Tamil Nadu man deposits Rs 246 crore in old notes

The man, whose identity is not yet revealed, deposited the cash in an Indian Overseas Bank branch under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).

Note ban black money disclosure scheme may achieve less than half the target: I-T sources

According to officials, the declarants want more time to submit the money they declared under the scheme.

I-T asks blackmoney holders to make honest declarations

In advertisements in leading dailies, the department said "like fingerprints, your blackmoney will lead us to you".

People can deposit money in parts under PMGKY scheme: FinMin

The government has allowed people declaring unaccounted cash under the new black money amnesty scheme PMGKY to deposit in parts the mandatory 25 per cent of the total in a 4-year fund by March 31.

I-T has info on black money deposited post demonet: Comm

Income Tax department has confirmed information about the black money deposited in the bank accounts in Madhya Pradesh-Chhattisgarh (MP-CG) region after demonetisation, claimed a senior I-T officer today.

Demonetisation: I-T dept gets over Rs 300 cr declarations under amnesty scheme

The Income Tax department has received confirmations for over Rs 300 crore declarations from across the country till now as part of the ongoing black money window called the Pradhan Mantri Garib Kalyan Yojna (PMGKY), brought out by the government post demonetisation.

Govt bars co-op banks from accepting deposits under PMGKY

The government has barred cooperative banks from accepting deposits under the new tax amnesty scheme PMGKY, a move that comes amidst the Income Tax department uncovering anomalies post demonetisation.

60 lakh depositors put Rs 7 lakh cr in banks since Nov 8

As many as 60 lakh individuals and firms have made large deposits totalling an astonishing Rs 7 lakh crore in old notes, top government officials said today while warning that every penny of tax will be extracted as the black money does not become white by merely putting it in banks.

Old 500,1000 rupee notes can be used for payment under PMGKY

The Income Tax department today said now-defunct Rs 500 and Rs 1,000 notes can be used till December 30 for paying tax on disclosures made under the tax evasion amnesty scheme.

I-T dept seized Rs 11 cr cash post demonetisation in AP & Tel

Income Tax authorities have conducted 12 searches in Telangana and Andhra Pradesh after demonetisation was announced last month and total 30 searches till date since April 1 this year.

RBI imposes curbs on old note deposits exceeding Rs 5,000

The Reserve Bank today imposed stiff restrictions on depositing more than Rs 5,000 in the scrapped Rs 500 and Rs 1,000 notes, mandating that it can be deposited only once per account till December 30, that too after explaining to bank officials the reasons for not having done that so far.

Cash/deposits before April 1 can be disclosed under PMGKY

The Pradhan Mantri Garib Kalyan Yojana (PMGKY) provides for 50 percent tax and surcharge on declarations of unaccounted cash deposited in banks. Declarants also have to park a quarter of the total sum in a non-interest bearing deposit for four years.

New income disclosure scheme: Do or die for black money holders

Pradhan Mantri Garib Kalyan Yojana, 2016 gives an opportunity to all the black money hoarders to come out clean by declaring their undisclosed income and paying heavy taxes and penalty.