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Co-Operative Banks Can’t Accept Deposits Under PM Garib Kalyan Deposit Scheme: Finance Ministry

LiveLaw News Network
20 Jan 2017 10:26 AM GMT
Co-Operative Banks Can’t Accept Deposits Under PM Garib Kalyan Deposit Scheme: Finance Ministry
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Ministry of Finance has clarified that the Co-operative Banks are not authorised to accept deposits under PM Garib Kalyan Deposit Scheme(PMGKDS) 2016.

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016  was notified vide Notification No. S.O.4061(E) dated December 16, 2016.

According to the Ministry, 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.”

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 (from December 17, 2016 to March 31, 2017 .

This article has been made possible because of financial support from Independent and Public-Spirited Media Foundation.

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