Continuing its step-motherly treatment towards co-op banks the government has barred them now from accepting deposits under the new tax amnesty scheme PMGKY, reports PTI.
Under this scheme holders of unaccounted cash can get amnesty by paying 50 per cent tax and parking one-fourth of it in a no-interest bearing four-year deposit. This deposit could be made with any banks. But not with co-op banks!
This Amnesty scheme known as PMGKY is open till March 31.
“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, applies,” the government said while amending the notification for Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016.
Under the scheme, holders of unaccounted cash willing to avail the offer will have to first pay the tax amount and then fill up a challan form provided by the bank for availing the four-year deposit scheme.