Weekly Current Affairs

Notice

Govt. may notify scheme for taxing black money holders this week

  • The government is likely to notify scheme giving tax dodgers another chance to come clean by paying 50 per cent of tax on junked currency deposited in banks post demonetisation.
  • The Pradhan Mantri Garib Kalyan Yojana (PMGKY) provides for 50 per cent taxes 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.
  • The Department of Revenue will by the end of the week notify PMGKY 2016, which was a part of ‘The Taxation Laws (Second Amendment) Bill, 2016’.