Co-operative Banks barred from accepting deposits under PMGK Deposit Scheme

Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

The Government of India, in consultation with the Reserve Bank of India, had notified Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 vide Notification No. S.O.4061(E) dated December 16, 2016. The deposit under this Scheme shall be made by any person who declared undisclosed income under Pradhan Mantri Garib Kalyan Yojana, 2016. The deposit sum, which shall not be less than twenty-five per cent of the declared undisclosed income, can be deposited at the authorized banks (as notified by Government of India) from December 17, 2016 (Saturday) to March 31, 2017 (Friday).

In this connection, it is clarified that Co-operative Banks are not authorised banks to accept deposits under PMGKDS, 2016. Para 7 (1) of the notification stands amended as under:

“7. Authorised banks.—(1) Application for the deposit in the form of Bonds Ledger Account shall be received by any banking company, other than Co-operative Banks, to which the Banking Regulation Act, 1949 (10 of 1949) applies.”

MINISTRY OF FINANCE

(Department of Economic Affiairs)

NOTIFICATION

New Delhi, the 19th January, 2017

Amendment to Pradhan Mantri Garib Kalyan Deposit Scheme, Notification No S.O. 4061 (E)

S.O. 204(E).— In exercise of the powers conferred by clause (c) of section 199B of the Finance Act, 2016 (28 of 2016) (hereinafter referred to as the Act), the Central Government hereby amends the conditions specified in clause 7 of the  Pradhan Mantri Garib Kalyan Deposit Scheme notified vide Notification No. S.0.4061 (E). dated December 16, 2016.

2. In place of clause 7 (1) of the said notification the following shall be substituted:

“7. Authorised banks.—(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”.

By Order of the President of India,
[ F. No.3(1)-W&M/2016]
PRASHANT GOYAL, Jt. Secy