Is Govt. started any scheme to turned out black money into white?

Demonetization scheme brought so many changes in Indians lives. Due to this, there is large amount of junked currency were found from the garbage and rivers. So after saw this situation in India, Prime Minister Narender Modi started a new scheme for all black hoarders to turn their black money into white.

PMGKY scheme by Lok Sabha
PMGKY scheme by Lok Sabha

Government announced that by paying 50% taxes in the banks you will get another chance to clean up your all junked currency.

After paying 50% tax to the banks, the bank staff is perusing that revenue information to PMGKY.  PMGKSY is stands for Pardhan Mantri Gareeb Kalyan Yojna that was founded by Lok Sabha in November 28.


PMGKY scheme basically started for Gareeb Kalyan (poor welfare). This scheme was founded in November 28, 2016 and it’s the part of “The Taxation Laws (Second Amendment) Bill 2016”.

PMGKY officially added that “every notification will provide a detail how a declaration is to be made and the manner of paying taxes, whether in installments or full. It will also provide an end date to pay all taxes to the PMGKY scheme”.

“The Taxation Laws (Second Amendment) Bill 2016”is also known as Money Bill which is required to return by Rajya sabha to Lok Sabha within a 14 days period of time.

PMGKY scheme also added that a notification can only pay their taxes till December 14 after that there is no taxes would approve. PMGKY scheme is also ensure that no notification is allowed to ask any question regarding his funding or taxes.

After December 14, the list of revenue details will be presented to the president for his assent. For more stay tuned with us.



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