Updated By: LatestGKGS Desk
Pradhan Mantri Garib Kalyan Yojana chance to disclose black money
Pradhan Mantri Garib Kalyan Yojana gives chance to disclose unaccounted income, black money for helping poor
Prime Minister Narendra Modi gives chance to all the black money hoarders to disclose their unaccounted and get back half of the money.
Government has declared to give last chance to black money hoarders to disclode their income until 31st March 2017 and pay 50% tax of the unaccounted money.
50% tax to be paid, 25% money locked to be paid after 4 years
Under Pradhan Mantri Gareeb Kalyan Yojana, any individual who has undisclosed income can disclose income until 31st March 2017 starting from 17th December.
Government will use the money from the penalty under the scheme for social schemes.
25% of the undisclosed amount will remain locked in for four years and after the government will pay the amount.
The name of the person who disclose the money will be kept confidential.