Pradhan Mantri Garib Kalyan Yojana



Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) is a scheme launched by the Narendra Modi led Government of India in December 2016 on the lines of the Income declaration scheme, 2016 (IDS) launched earlier in the year. A part of the Taxation Laws Act, 2016, the scheme provides an opportunity to declare unaccounted wealth and black money in a confidential manner and avoid prosecution after paying a fine of 50% on the undisclosed income. An additional 25% of the undisclosed income is invested in the scheme which can be refunded after four years, without any interest.

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