In order to avail the new tax evasion amnesty scheme under the Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, black money holders will have to first deposit 49.9 per cent tax and park a quarter of their unaccounted cash in zero-interest deposit for four years before being able to apply for it.
The PMGKY scheme, unveiled on December 17, 2016, was open for the people who can declare unaccounted cash or bank deposits up to March 31.
After the shock demonetisation of high value notes on November 8, the Government allowed banned currency to be deposited in bank accounts till December 30.
The PMGKY, 2016, which provides last chance to holders of undisclosed income in the form of old Rs500 and Rs1,000 notes to come clean, will not be applicable to any person facing prosecution for corruption, holding benami property, money laundering, violation of foreign exchange or drug trafficking rules.
In a clarification on Provisions of the Taxation and Investment Regime for PMGKY, CBDT said the scheme will not be applicable to anyone facing charges under the Foreign Black Money Act.