Government Prohibits Co-Operative Banks From Accepting Deposits Under PMGKY
Saturday, January 21, 2017, 11:38 AM
Post demonetization, the Centre had come up with a scheme called Pradhan Mantri Garib Kalyan Yojana (PMGKY), for black money holders by asking them to pay 50% tax and parking one-fourth of it in a no-interest bearing four-year deposit. This deposit could be made with any bank. The Center has banned cooperative banks from accepting such deposits.